FirstPlus Financial Group (fka FPFXQ)

[flemsnopes]

The quarterly report lists the agreement with Signs For Life LLC ("Signs"). Does anyone know anything about "Signs"? The 10Q says something about storage units. "Versatile", variously referred to as Versatile Consulting and Versatile Technologies, has something to do with this arrangement as detailed in the following excerpts from the 10Q filed 5/22/2006. It looks like we might already be back in business with these "contracts".



Item 5.
Other Information
On February 28, 2006, the Company entered into a factoring agreement with Signs For Life LLC (“Signs”) which provides for the Company to purchase accounts arising out sales of merchandise or services rendered by Signs that the Company approves for purchase. The Company will receive a factoring commission of 2% and discount over the purchase price of the accounts of 3.5% per annum over the prime rate quoted in the Wall Street Journal, plus additional fees based on the difference between the amounts outstanding under the accounts and the amounts in a reserve account established under the agreement. The Company has made payments of $250,000 under to purchase accounts under this arrangements as of March 31, 2006.
Versatile Financial Technology LLC (“Versatile”) has also agreed to grant to the Company an option to acquire its 51% interest in Signs and a right of first refusal to acquire its interest in Signs. The Company and Versatile have not finalized the terms of the option or right of first refusal.

-and-

In March 2006, the Company made an advance of $250,000 to Versatile Consulting, LLC (“Versatile”), secured by a contract between a partnership, for which Versatile is the managing general partner, and a third party supplier of storage units. The advance bears interest at the prime rate of interest as established by the Wall Street Journal plus 3.5%. Under the terms of the agreement, the Company will receive a factoring commission of 2% of each contracted account and an additional discount of 3.5% over the maximum prime rate quoted in the Wall Street Journal adjusted weekly. The Company has also retained a non-expiring option, the terms of which have not been finalized, to purchase the 51% controlling partnership interest from Versatile