(financialwire.net via COMTEX) -- May 8, 2008 (FinancialWire) Angel Acquisition Corp. (OTCBB: AGEL) (Current Market Cap: US$ 69.68 K) has closed the sale of its BlackHawk Fund unit. Terminus, Inc. purchased ten million shares of series C preferred shares of The BlackHawk Fund for $363,000.
Carlsbad, California-based Angel Acquisition acquires businesses in a variety of sectors and industries, for the purpose of spinning off each venture as a publicly traded company.
Angel obtains a majority interest in each business it acquires, creating several subsidiaries that consolidate financials on the firm's balance sheet. The company is paid fees for administrative costs associated with the acquisition and spin-off and retains an equity position in each company that is spun-off.
Once the subsidiary is ready to enter the public marketplace, Angel and its shareholders receive a stock dividend in the newly formed public company.
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