Stonehill Business Credit Corporation(http://www.stonehillbusiness.com/)
Commences Operation as an Asset Based Lender Under MotivNation Inc(PINKSHEETS: MOVT)
MotivNation Inc. (PINKSHEETS: MOVT) announces the formation of Stonehill Business Credit Corporation, as a wholly owned subsidiary of the company. Stonehill plans on creating a diversified investment portfolio of asset backed financial products to address the capital needs of small and middle market businesses.
Among its services Stonehill will provide customized leasing and finance programs dedicated to meet the growth objectives of that market. The company will provide term loans, equipment leasing and all asset financings for quality businesses from $15,000 to $250,000.
William Hayde, Chairman of Stonehill Business Credit Corporation, explains what he sees as the market opportunity: "After the turbulent times we have experienced in the economy over the last two years and contraction of viable small and middle market lenders there is a compelling need for capable lending sources to support the growth of this vital sector of our economy. Our objective is to a build platform which offers businesses a viable and quality alternative for growth capital."
Additionally, William Hayde is pleased to announce that Joseph J Messina has joined Stonehill as President. Mr. Messina has an extensive financial background in both the debt and equity markets. Previously, Mr. Messina was a Principal Partner of Suisse Finance (America) Inc. an international financial advisory firm providing strategic investment advisory services for US based companies on the European equity capital markets.
Prior to the formation of SFA, from 1992, Mr. Messina was Chairman and CEO of Ameristar Capital Corporation, a lease financing -- asset based lender and Ameristar Group Incorporated, a corporate advisory and capital markets consulting firm. From1978-1992, he was President and Chief Operating officer of Vendor Funding Co., Inc., a company he co-founded which was a national middle market equipment lessor and asset based lender. Vendor Funding was acquired by First NH Banks of Manchester, New Hampshire, a subsidiary of Bank of Ireland First Holdings.
MotivNation's business has transitioned from the automotive sector and is now focusing its business to facilitate capital needs of small and middle market businesses with the introduction of Stonehill Business Credit Corporation.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
For further information contact:
Telephone: (631) 393-0426
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MotivNation's Buinesshas transitioned from the automotive sector and is now focusing its business to facilitate capital needs of small and middle market businesses with the introduction of Stonehill Business Credit Corporation.
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