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Press Release Source: Equus Resources, Inc.
Equus Resources Announces Major Acquisition and New CEO and CFO Tuesday May 30, 1:00 pm ET
ATLANTA, GA--(MARKET WIRE)--May 30, 2006 -- Equus Resources, Inc. (Other OTC:EQUR.PK - News) announced today its acquisition of Wealthcare Solutions, LLC, a flat fee residential and commercial real estate firm based in Michigan and currently opening offices in Florida and Georgia. The acquisition also includes affiliated residential and commercial mortgage operations, as well as retirement, life, accident and health insurance operations. The acquisition will expand the Company's base of operations into the Midwest and the Company plans to introduce Wealthcare's proven formula for success to the Southeast and elsewhere. ADVERTISEMENT
As part of the acquisition, F. Jay Nauta, Wealthcare's founder, has accepted the position as the new Equus CEO and Drew C. Thorpe, a financial consultant to Wealthcare, has become the new Equus CFO.
F. Jay Nauta, 44, is an experienced financial planner, counselor and advisor. He is well-versed in all fundamental aspects of the real estate and financial services industries and has outstanding sales, marketing, leadership, and motivational speaking abilities. Jay is a Certified Senior Advisor and founder of Advanced Asset Management, LLC, a Michigan-based, multi-office Registered Investment Advisory Firm. Jay has completed specialized coursework and training in numerous aspects of financial planning, including senior housing and assisted living, estate planning, social security and taxation. During his career, Jay has held the following licenses: NASD Series 24 Registered Principal, NASD Series 7 General Securities, NASD Series 65 Registered Investment Advisor, NASD Series 63 State Blue Sky Laws; Real Estate Broker; and Insurance Agent. Jay is also an approved member of the National Ethics Bureau, an independent organization of insurance and financial advisors who have maintained an exemplary record of business ethics. He is highly respected and regarded by his friends, clients, and colleagues.
Drew C. Thorpe, 41, will be responsible for all financial operations of the Company, including analysis and valuation of acquisition candidates, financial reporting, accounting, and corporate controls. He will work closely with the Company's CEO, Board of Directors and outside auditors. Drew brings significant corporate finance and business strategy experience to Equus, having served as Finance Manager and Controller for Ford Motor Company, Vice President of Operations for Pulte Homes, and, most recently, as Controller for Saleen, Inc. During his tenure at Ford, Drew was responsible for valuations on many projects, acquisitions, and new vehicle programs, and he served as Ford's finance lead in the formation of the $500M Blue Diamond Parts joint venture with International Engine. At Pulte, Drew was responsible for the strategic and financial evaluation of potential acquisitions, as well as the operational and financial performance of several residential developments. With Saleen, his operational finance experience proved instrumental in revamping the accounting processes, establishing materials management procedures and cutting operational costs by more than $1M during the first six months. Drew has an MBA in Finance from the University of Michigan and a Bachelor's Degree in Chemistry from Hope College. He is known for his strong work ethic and commitment to integrity.
Bert Watson, the previous Equus CEO, has been named the Company's Vice Chairman and Chief Strategic Officer in charge of directing long-term strategic planning and implementation efforts. Jennifer Trastelis, the previous Equus CFO, has moved to Controller. Additional management-level personnel associated with Wealthcare are also joining Equus in connection with the acquisition.
In making this announcement, Steve Cunningham, Equus Chairman, commented: "I believe this acquisition will ignite our Company. It brings to us not only successful business operations, but also successful business models which can be replicated across the country. Of equal, if not greater, importance, it also brings us proven executive talent and increases our senior management depth. If I might borrow from Drew's experience in the automotive industry, I believe that Equus has already designed and built a great vehicle for rapid growth. Wealthcare will give us a supercharged engine and Jay and Drew and their associates will give us additional expert drivers and professional pit crew members, the combination of which should enable us to compete and win in our industry in any and every market."
Jay Nauta added: "Wealthcare's vision, which I believe matches perfectly with that of Equus, is to promote our clients' total financial health and well-being, rather than simply one aspect of it. Our mission is to combine our services with those of Equus to better enable consumers to achieve their financial goals. We do this by taking the time and effort needed to understand fully each of our client's financial wants, needs and concerns, and by being not just a financial center, but also a people center. In our business, there really is no substitute for the personal touch."
About Equus
Equus is a diversified financial and educational services company offering consumer, commercial and corporate clients a broad range of financial and educational products and services, mainly in Michigan, Georgia and Florida. Equus plans to expand its core businesses and geographical areas of operation through internal growth and acquisitions and to add related lines of business as demand warrants. Our principal offices are in Atlanta, Georgia, Grand Rapids, Michigan, and Jacksonville, Florida. For more information, please visit us at www.equusresources.com.
Forward-Looking Statements:
Any statements made in this press release which are not historical facts contain certain "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the Company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgment of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties, including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, the receipt of revenues, and other factors, many of which are beyond the control of the Company.
Contact: Contact: F. Jay Nauta (888) 452-5220 (616) 460-0732
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Equus Resources Plans to Spin Off Its Education Operations Wednesday July 12, 9:00 am ET
ATLANTA, GA--(MARKET WIRE)--Jul 12, 2006 -- Equus Resources, Inc. (Other OTC:EQUR.PK - News) announced today it plans to spin off its education operations into a separate Pink Sheet or OTC Bulletin Board listed company. The proposed spin off will enable Equus to concentrate on its original core business of developing one-stop financial service centers for mainstream America, while enabling Equus and its shareholders to better capitalize on the rapidly expanding markets for career-oriented education and on line learning programs. The President of the new education company will be Dr. John England, who currently heads the Equus education operations and has more than 30 years' experience in education management and administration.
Under the proposed spin-off, Equus shareholders will ultimately become the principal owners of the education entity. Only those Equus stockholders as of the record date (to be determined) will be entitled to shares in the new company based upon their Equus stockholdings. Equus management has identified and is undertaking due diligence on two prospective trading companies to house the spun off education operations.
In making this announcement, Bert Watson, Equus CEO, commented: "Our original concept of offering a wide range of real estate and financial products and services to consumers under one roof has been well received but takes serious management focus and substantial financial resources. At the same time, our education business has begun to rapidly accelerate and we believe a separate company, with separate management, funding, and marketing strategies will best enable us to exploit this incredible opportunity."
Dr. England added: "The interest in our education services increases daily. Many people have shown keen interest in investing directly in our mainline education operations. Although this has not been an option in the past, it can now become one through the spin-off. I am confident that the spin-off will enable us to create significant shareholder value through a stand-alone, separately trading education entity. It will also enhance our ability to attract education talent by letting us offer incentive compensation opportunities in the form of marketable stock ownership specifically for our education employees."
Randy Harris, President, observed: "There will remain a strong strategic alliance between the companies which will be mutually beneficial. Equus will benefit from a large pool of potential employees graduating from the education company's real estate, mortgage and insurance courses, and the education company's student recruiting will be enhanced through job placement ties to Equus."
Steve Cunningham, Chairman, noted: "We believe the stock markets will value the distinct operations in two separate companies more highly than the combined operations in one company. Many investors, particularly institutional investors, prefer 'pure play' (industry specific) investment opportunities. Spin-offs allow the separate companies to appeal to a broader range of investors, thus making the sum of the parts, from an investment value perspective, greater than the whole."
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