Angel Acquisition CorpAngel Acquisition CorpOur Divisions Management Investor Relations Contact Us Angel Acquisition Corp Joins President Obama’s Microfinance Action Group
April 29th, 2010 | Author: Tom
CARSON CITY, NV–(Marketwire – 04/29/10) – Angel Acquisition Corp (OTC.BB:AGEL) announces its membership to President Obama’s micro-finance action group. The group intends to raise the profile of micro-finance in the US with the goal of fulfilling the role the President has expressed he wants micro-finance to play during his administration.
On March 21, 2010, four private investors — Banamex, the Norwegian Microfinance Initiative, ACCION International and BlueOrchard and other banking institutions launched MIGROF, a micro-finance growth fund for Latin America and the Caribbean, based on US President Barack Obama’s economic blueprint for the region, which he unveiled last year, in April 2009, at the Fifth Summit of the Americas in Port of Spain, Trinidad.
“This is not charity. Let me be clear: this is not charity. Together, we can create a broader foundation of prosperity that builds new markets and powers new growth for all peoples in the hemisphere, because our economies are intertwined,” President Obama said at the time.
The Recovery Act that President Obama signed into law provided $50 Million in micro-financing funds over a 2-year period. These funds have been in distribution through state Small Business Administration offices. This is on top of the $21 million already allocated through the SBA’s micro-enterprise programs.
“We are excited about the President’s desire for micro-finance to play a significant role in energizing the American economy,” said Steven Bonenberger, CEO of Angel Acquisition Corporation. “The goal of participating in this action group is twofold: to raise the awareness of micro-finance as a vital tool in the recovery of the US economy and to continue the legacy of the President’s late mother, S. Ann Dunham Soetoro, who was a pioneer of micro-finance programs in Indonesia as an instrument of empowerment and fiscal responsibility.
“We hope that President Obama continues to build on the foundation that his administration has laid to enable MFIs (micro-finance institutions) and like-minded organizations to have the transformative economic success in our own country that has been enjoyed and lauded on the international stage for the past 20 years. We are finding that investors nowadays want to achieve the ‘double bottom line’ — true societal benefit while realizing financial returns. Our micro-financing division, Angels in Action (www.angelsinaction.tv), accomplishes this within a uniquely collaborative and fiscally responsible framework.”
Micro-lenders and micro-financing institutions (MFIs) provide loans to recipients that would not otherwise be possible under traditional lending methodologies. The loan amounts generally range from $1,000 to $25,000. These organizations have seen immense growth due to the global economic downturn during the past 2 years as conventional lending entities struggle to achieve the significant revenue and profit levels that were enjoyed prior to the downturn. Angel Acquisition Corp is dedicating resources, assets and expertise to establish best practices and be a leading provider of microfinance services.
From time to time, the Company may issue news releases that contain ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be ‘forward-looking statements.’ ‘Forward-looking statements’ are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.
Contact:
Investor Relations
contact@angelacquisitions.com
1-775-887-0670
