Heritage is in Discussions with London Based Insurance Company Concerning Future Relationship
Business Wire "US Press Releases "
WILMINGTON, Del.--(BUSINESS WIRE)--
Heritage Capital Credit Corporation (OTC: HCPC) today announced that it has begun discussions to merge or otherwise combine with a London based insurance company and with its commonly controlled financial guaranty company First Life Financial Corporation.
Once the merger or other business combination is completed, the new company is expected to give Heritage a strong financial base and gives us the ability to move forward in the international global market in the sophisticated financial guarantee and structured finance markets merging the capital, derivative and insurance markets.
The merger is expected to be finalized in early 2007.
This press release may contain forward-looking statements within the meaning of federal securities laws that involve significant risk and uncertainties. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risk and uncertainties, some of which cannot be predicated or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risk.
Source: Heritage Capital Credit Corporation
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Heritage Signs Letter of Intent to Merge with London Based Insurance Company
Business Wire "US Press Releases "
WILMINGTON, Del.--(BUSINESS WIRE)--
Heritage Capital Credit Corporation (OTC:HCPC) together with a related financial guaranty company First Life Financial Corporation (FLFC) announce that they have signed a non-binding Letter of Intent to merge with a London Based insurance company to form an insurance holding company based in the United States.
The new company is expected to have three divisions - a lending unit, Independent Capital Credit Corporation (ICCC); an insurance group located in the United States, FLFC; and a London based insurance unit.
FLFC will write insurance guaranty policies for transactions of the new company including the special purpose entities which will fund the proprietary BCLOC Loans originated by the lending unit. The London based insurance unit will write residual value insurance for existing financial products as well as design structured finance models for new financial products.
The new company is expected to provide a substantially larger balance sheet than existed for Heritage and with that strength the new company is expected to fund in 2007 the $740 million in ICCC's BCLOC contractual obligations.
This press release may contain forward-looking statements within the meaning of federal securities laws that involve significant risk and uncertainties. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risk and uncertainties, some of which cannot be predicated or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risk.
Source: Heritage Capital Credit Corporation
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"The Company has $740 million in contractual obligations to close and funding the first $40 million is expected to produce estimated pre-tax earnings of $0.017 per share in the 2007 first quarter."
Heritage Capital Credit Corporation Schedules First BCLOC Funding
PR Newswire "US Press Releases "
WILMINGTON, Del., Feb. 12 /PRNewswire-FirstCall/ -- Heritage Capital Credit Corp. (OTC: HCPC) today announced its subsidiary, Independent Capital Credit Corporation, expects to sell its first commercial contractual obligation for $40 million to the BCLOC Trust which is a Bankruptcy Remote Special Purpose Entity (SPE). The sponsor of the BCLOC Trust, an affiliate of Heritage Capital Credit Corp., expects to secure an institutional investor to purchase the BCLOC Trust Notes.
The closing on this proprietary commercial contractual obligation called the BCLOC is scheduled to occur on or before March 15, 2007.
The BCLOC Trust as a SPE can purchase the commercial contractual obligation as it is converted into a high LTV loan using a direct pay guaranty and a financial guaranty wrap from a Financial Guaranty Company, which is a commonly controlled company. This Direct Pay Guaranty Contract is unconditional and irrevocable and will make direct payments of principal and interest to the Note Holders of BCLOC Trust. It will also act like default insurance to protect the underlying commercial loan from default until maturity.
The BCLOC Trust Notes are expected to receive "CCC" ratings from a national rating agency and have been priced to the institutional investor under a Private Placement with an average coupon of 9% with a 9-month call provision.
The BCLOC Trust Notes when purchased will be restricted securities as provided by Rule 144 under the Securities Act. The notes are also expected to be book entry form through the Depository Trust Company.
The Company has $740 million in contractual obligations to close and funding the first $40 million is expected to produce estimated pre-tax earnings of $0.017 per share in the 2007 first quarter. Some of the current contractual obligations may be replaced with new projects.
Heritage is a holding company, which through its subsidiary, Independent Capital Credit Corporation is engaged in the commercial property lending business as well as in other financial services that are in large part associated with the real estate industry.
Certain statements in this news release may contain "forward looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. There can be no assurance that such forward-looking statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
Investor & Media Relations: Wall Street Marketing Group -- Tel: 760-329-4169 -- Email: info*wsmg.biz
The Company -- Heritage Capital Credit Corporation -- Richard L. Razzeca, VP Capital Markets -- 866-437-4222 Ext. 1018
SOURCE Heritage Capital Credit Corporation
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Heritage Capital Credit Corporation Receives Allocation Up to $300 Million
PR Newswire "US Press Releases "
WILMINGTON, Del., Feb. 27 /PRNewswire-FirstCall/ -- Heritage Capital Credit Corporation (OTC: HCPC) today announced that one of its affiliates has secured an institutional investor to purchase up to $300 million in BCLOC Trust Notes, which will fund commercial projects. The closing on this funding is scheduled to begin on March 15, 2007.
Heritage Capital Credit Corporation has received confirmation that the investor has signed a letter of authorization with their brokerage firm that when the funds are on deposit, they can be used to purchase only BCLOC Trust Notes.
The BCLOC Trusts can purchase the commercial property assets originated by Independent Capital Credit Corporation, a subsidiary of Heritage Capital Credit Corporation.
Upon completion of the $300 million funding, the Company anticipates pre-tax earnings of $0.085 per share by the end of the third calendar quarter.
The company is accepting loan applications. For more information regarding financing real property assets, visit www.independentcapitalcreditcorp.com.
About Heritage Capital Credit Corporation
Heritage is a holding company, which through its subsidiary, Independent Capital Credit Corporation is engaged in the commercial property lending business as well as in other financial services that are in large part associated with the real estate industry.
Certain statements in this news release may contain "forward looking" information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. There can be no assurance that such forward-looking statements will be accurate and actual results and future events could differ materially from those anticipated in such statements.
Investor & Media Relations: Wall Street Marketing Group - Tel: 760-329-4169 - Email: info*wsmg.biz
The Company - Heritage Capital Credit Corporation - Richard L. Razzeca, VP Capital Markets - 866-437-4222 Ext. 1018.
SOURCE Heritage Capital Credit Corporation
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posted
Holding nice around 4c area (exception from the last few runs). Conservative PPS should be around .40 (very conservative ) Hope that today MOMO will switch to investors tomorrow - but who knows...
Posts: 1580 | From: World | Registered: Jul 2006
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posted
It's always fun seeing today's gain jump up to 1600%, having your heart beat an extra beat, then settling back down, having a sip of coffee, and thinking about the stuff you WOULD have bought IF the 0.46 was actually true....
You really think people fall for that rhadagast, newbie or not??? I guess they might...
Posts: 358 | From: Sweden | Registered: Feb 2007
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CKYS was suspended from trading by SEC for 10 trading days. DD shows that the company is highly undervalued iMO. Adds with NASCAR, NFL, NBA, supposedly on Good Morning America. Sells on DOD emall, and military.com. Came off suspension but still under inquiry. Results could make people millionaires or broke!
Posts: 30 | From: Tennessee | Registered: Feb 2007
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quote:Originally posted by rhadagast: MMs are a necessary evil...
CKYS was suspended from trading by SEC for 10 trading days. DD shows that the company is highly undervalued iMO. Adds with NASCAR, NFL, NBA, supposedly on Good Morning America. Sells on DOD emall, and military.com. Came off suspension but still under inquiry. Results could make people millionaires or broke!
Ok, thanx,
I'm going to take a look at it!
Just saw 0.051, life is good!
Posts: 358 | From: Sweden | Registered: Feb 2007
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