Wednesday, January 07 2015 10:26 AM, EST Q Lotus Holdings Inc Announces Acquisitions and New Operations Baystreet.ca "Standard Equities Feed"
CHICAGO, IL / ACCESSWIRE / January 7, 2015 / Q Lotus (OTC Pink: QLTS) (PINKSHEETS: QLTS) has completed two important acquisitions in furtherance of its operations.
At the end of the third quarter last year, the board of directors of Q Lotus Holdings Inc. announced approval of an organizational plan which created three operating Groups to be implemented by management.
In the fourth quarter, management of the Company's three operating Groups completed fully approved business plans and is now in the process of actively implementing them.
In connection therewith, The QLTS Mining Monetization and Trading Group has extended its rights to its silica mining claims located in the State of Oregon . The Group has engaged consulting services to update studies and valuations of the mining resource and intends to take permanent ownership after completion of the updated study and valuation.
We are also pleased to start the New Year with the announcement of the completion two important acquisitions.
The QLTS Finance Group has completed the acquisition of the assets of Midwest Business Credit, LLC for the amount of $1,742,000.00 including its senior management headed by Timothy Bellcourt .
With over 25 years of experience in the asset-based lending industry, Mr. Bellcourt has been involved in audit management, loan administration, portfolio management, credit underwriting, marketing, and profit and loss responsibilities. He has held positions in organizations such as LaSalle Business Credit, GE Capital Corporation , and US Bank . Also, Mr. Bellcourt has successfully founded two independent asset based lending companies.
In connection with the QLTS Real Estate Finance Group , Q Lotus Holdings Inc. has acquired for $1,500,000 the former Bank of America building located at 35 W. Main Street , Lake Zurich, IL 60047and all rights for development in the Lake Zurich area of its previous owner.
The QLTS Real Estate Finance Group has plans to establish quality dining entertainment and banquet facilities in the former Bank of America building and work in cooperation with the Village to develop a full scale entertainment complex in the beautiful Lake Zurich setting. The Group intends to offer to the village additional commercial and residential facilities subject to village approval, providing the village of Lake Zurich with a dynamic, diversified and beautiful downtown area. The development would be done in phases. It is estimated that if all phases are completed, the entire project would be approximately a hundred and fifty million dollars .
The Company:
Q Lotus Holdings, Inc. (OTCBB: QLTS) ("the Company") is a public reporting company un
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