Dead! Chapter 11 :(
2003 write-off...
Milestone Capital, Inc. Files for Chapter 11 Bankruptcy Protection
Monday September 29, 3:56 pm ET
FAIRFIELD, N.J.--(BUSINESS WIRE)--Sept. 29, 2003--Milestone Capital, Inc. (OTCBB:MLSP - News), today announced it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company said this action was necessary to restructure its finances. The petitions, filed on Friday, September 26, 2003, in the U.S. Bankruptcy Court for District of New Jersey, in Newark, also seek bankruptcy protection for a subsidiary of the Company: EliteAgents Mortgage Services, Inc. The Newark office of Duane Morris, LLP is counsel to the Company.
The Company said the filing would enable it to refocus on operating its businesses and serving its customers while it develops a plan of reorganization to resolve its debt liabilities.
About Milestone Capital, Inc.
Milestone is a diversified financial services company whose objective is to develop a product offering, which will include residential and commercial mortgages, equipment leasing, insurance products, SBA loans and selected consumer loans.
Statements in this press release other than statements of historical face are "forward-looking statements." These statements relate to future events or the Company's future performance. Such statements are subject to certain risks and uncertainties, including fluctuations in interest rates, demand for mortgages, and other risk factors identified from time-to-time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.
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Contact:
Milestone Capital, Inc.
Howard Conyack, 800-848-5442 ext. 3009
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