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02/9/2004 19:32
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The acquisition of the privately-held network of financial services companies composed of Harrison Asset Management Inc. (HAMI), Money Asset Management, Inc. (MAMI), Cash Asset Management Inc. (CAMI), e-commerce bank First American Financial Family Services (FAFFS), and United Recovery Inc. (URI) - a wholly-owned subsidiary of MAMI. Together these companies have accumulated distressed portfolio assets value at more than $300 million dollars that initially cost the companies $11 million dollars.
ISA Internationale Inc., headquartered in St. Paul, Minnesota, was formerly in the cable television business before direct sales operations ceased in 2000. Since then, reorganization specialists, Doubletree Capital Partners LLC, has internally reorganized the company and changed its direction to focus on the financial services industry.
The companies acquired by ISAT represent wide spectrum of fields including: HAMI is focused on collections of present portfolios; MAMI was established to continue private investments and portfolio acquisitions; URI is a licensed in-house collection agency that was created to collect on future debt purchases; and CAMI was incorporated to continue the acquisition and collection process. As an extension of the aforementioned companies, FAFFS is a development-stage company that was created to offer banking products both to these companies' investors and debtors.
Together, these newly-acquired companies provide ISAT with a knowledge-base in buying, selling and collecting several types of delinquent and defaulted debt; In addition to the proprietary in-house collection division and outsourcing of debt, these companies have a new third party collections division in addition to collecting its own purchased debt.
Terms of the transaction call for ISAT to pay the acquired companies' common and preferred shareholders 5,250,000 ISAT Common shares at closing and 4,500,000 warrants for additional common stock purchases for the acquisition of these companies. In addition, if the companies achieve certain EBITDA earning objectives over the next three years, those shareholders will be entitled to upwards of 4,000,000 bonus ISAT shares, based upon performance. ISAT will maintain its corporate offices in St. Paul, Minnesota, and will continue to pursue suitable acquisitions in the financial services industry, consistent with its new business plan. The newly acquired network will be headquartered in Calabasas, California, and will be led by Anthony Pickett, an executive with more than 35 years of business experience.
The agreement requires that the acquired Company's books and records are to be audited for the calendar years 2002 and 2003. The issuance of ISA Common shares requires the completion of the certified audits. ISA Internationale Inc. will file as an additional 8-k filing the results of the certified audits within 70 days from the date of closing, August 19, 2004. Certain payment provisions of the agreement may be affected by the results of the required certified audits for the years above.
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The acquisition of the privately-held network of financial services companies composed of Harrison Asset Management Inc. (HAMI), Money Asset Management, Inc. (MAMI), Cash Asset Management Inc. (CAMI), e-commerce bank First American Financial Family Services (FAFFS), and United Recovery Inc. (URI) - a wholly-owned subsidiary of MAMI. Together these companies have accumulated distressed portfolio assets value at more than $300 million dollars that initially cost the companies $11 million dollars.
ISA Internationale Inc., headquartered in St. Paul, Minnesota, was formerly in the cable television business before direct sales operations ceased in 2000. Since then, reorganization specialists, Doubletree Capital Partners LLC, has internally reorganized the company and changed its direction to focus on the financial services industry.
The companies acquired by ISAT represent wide spectrum of fields including: HAMI is focused on collections of present portfolios; MAMI was established to continue private investments and portfolio acquisitions; URI is a licensed in-house collection agency that was created to collect on future debt purchases; and CAMI was incorporated to continue the acquisition and collection process. As an extension of the aforementioned companies, FAFFS is a development-stage company that was created to offer banking products both to these companies' investors and debtors.
Together, these newly-acquired companies provide ISAT with a knowledge-base in buying, selling and collecting several types of delinquent and defaulted debt; In addition to the proprietary in-house collection division and outsourcing of debt, these companies have a new third party collections division in addition to collecting its own purchased debt.
Terms of the transaction call for ISAT to pay the acquired companies' common and preferred shareholders 5,250,000 ISAT Common shares at closing and 4,500,000 warrants for additional common stock purchases for the acquisition of these companies. In addition, if the companies achieve certain EBITDA earning objectives over the next three years, those shareholders will be entitled to upwards of 4,000,000 bonus ISAT shares, based upon performance. ISAT will maintain its corporate offices in St. Paul, Minnesota, and will continue to pursue suitable acquisitions in the financial services industry, consistent with its new business plan. The newly acquired network will be headquartered in Calabasas, California, and will be led by Anthony Pickett, an executive with more than 35 years of business experience.
The agreement requires that the acquired Company's books and records are to be audited for the calendar years 2002 and 2003. The issuance of ISA Common shares requires the completion of the certified audits. ISA Internationale Inc. will file as an additional 8-k filing the results of the certified audits within 70 days from the date of closing, August 19, 2004. Certain payment provisions of the agreement may be affected by the results of the required certified audits for the years above.