SFNL news-Financing for Veriscript?? Thoughts?
SFNL Secured Financial Network Acquires Corporation with More Than $12 Million in Net Assets
Business Wire - February 14, 2006 7:05 AM (EDT)
FORT LAUDERDALE, Fla., Feb 14, 2006 (BUSINESS WIRE) -- Secured Financial Network Inc. (OTCBB: SFNL) announced the signing of a binding letter of intent to acquire 100% of HEB LLC, with assets of $16,744,475 and liabilities of $4,095,471, for cash and stock.
According to Jeff Schultz, president and CEO of Secured Financial Network, "We are very pleased to announce the culmination of efforts to acquire HEB with a binding letter of intent, which allows both companies to immediately move forward with their business plan for rapid growth. The acquisition of HEB, a privately held limited liability corporation, brings with it several business entities, each of which is expected to be a significant profit center for Secured. HEB has controlling interest in Veriscrip, Wound Care Innovations LLC, and a purchase contract of the assets of Envoii and Convoii." Current management of HEB has agreed to remain and will continue to run HEB as a subsidiary of Secured. "This acquisition fits perfectly with our continued model of 'Opportunity Financing and Investment' by building a solid asset base and corporate profit centers for Secured and our shareholders," said Schultz
Scott Haire, managing member of HEB LLC, said, "The opportunity to bring HEB and its assets together with Secured Financial is very exciting to me. Secured makes a skilled and dynamic team available to HEB to help achieve the multitude of opportunities we have, both in helping me move toward expansion and success, and to provide the additional funds and support HEB will require as it grows."
About Veriscrip
Veriscrip is an application services provider of real-time electronic prescribing and prescription tracking systems for healthcare professionals and regulatory agencies. Verscrip currently markets these solutions to state agencies and prescribing healthcare professionals, and has provided solutions to the Commonwealth of Kentucky.
About Wound Care Innovations LLC
Wound Care Innovations LLC is the worldwide distributor of CellerateRx trademarked products, advanced collagen-based wound care products featuring a patented molecular formula form of collagen. These FDA-approved products are marketed and distributed in the domestic medical, retail, government and first aid human use wound markets.
About Envoii/Convoii
Envoii and Convoii is a developer of secure Internet communications protocols and applications.
About Secured Financial Network
Secured Financial Network is a Florida-based company specializing in short-term high-margin business capital markets, sometimes referred to as opportunity investment and financing. Secured engages in these types of transactions that precisely fit the term, including, but not limited to, container financing and bridge financing. The common investment characteristics are rapid turnaround, limited risk and unlimited opportunities.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
SOURCE: Secured Financial Network
First Global Media (Investor Relations)
Trevor Blank, 520-297-1552
Copyright Business Wire 2006
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