LOS ANGELES, CA – ISA Internationale Inc. (OTCBB: ISAT) announced today that it has signed a binding letter of intent to acquire a debt-free, privately-held network of financial services companies composed of Harrison Asset Management Inc. (HAMI), Money Asset Management, Inc. (MAMI), Cash Asset Management Inc. (CAMI), e-commerce bank First American Financial Family Services (FAFFS), and United Recovery Inc. (URI) — a wholly-owned subsidiary of MAMI. Together these companies have accumulated distressed portfolio assets valued at more than $300 million dollars, that initially cost the companies $11 million dollars.
ISA Internationale Inc., headquartered in St Paul, Minnesota, was formerly in the cable television business before it ceased operations in 2000. Since then, reorganization specialists Doubletree Capital Partners LLC, have internally reorganized the company and changed its direction to focus on the financial services industry.
The companies acquired by ISAT represent a wide spectrum of expertise, including: HAMI is focused on collections of present portfolios; MAMI was established to continue private investment and portfolio acquisitions; URI is a licensed in-house collection agency that was created to collect on future debt purchases; and CAMI was incorporated to continue the acquisition and collections process. As an extension of the aforementioned companies, FAFFS is a development-stage company that was created to offer banking products both to these companies’ investors and debtors.
Together, these newly-acquired companies provide ISAT with a knowledge-base in buying, selling and collecting several type of delinquent and defaulted debt. In addition to the proprietary in-house collections division and the outsourcing of debt, these companies have a new third party collections division in addition to collecting its own purchased debt.
Terms of the transaction call for ISAT to pay the acquired companies’ common and preferred shareholders with ISAT Common shares and warrants for the acquisition of these companies. In addition, if the companies achieve certain EBITDA earning objectives over the next three years, those shareholders will be entitled to bonus ISAT shares, based upon performance. ISAT will maintain its corporate offices in St. Paul, Minnesota, and will continue to pursue suitable acquisitions in the financial services industry, consistent with its new business plan. The newly acquired network will be headquartered in Calabasas, California, and will be led by Anthony Pickett, an executive with more than 35 years of business experience.
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Such statements and all phases of ISAT’s operations are subject to known and unknown risks, uncertainties and other factors, including overall economic conditions and any unforeseen change in the markets. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ISAT’s actual results, levels of activity, performance or achievements may be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. The Company undertakes no obligation to update the forward-looking statements in this press release.