``SCYA'' Announces Restructuring & Reduction of Its Corporate Debt & The Securing of Patented Technology for Settlement of Consumer Debts.Business Editors LAS VEGAS--(BUSINESS WIRE)--Nov. 6, 2002 Security Asset Capital Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SCYA SCYA Southern California Yachting Association ) Conversion of Debt SCYA is finalizing the conversion of most of its remaining unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. of approximately $3.0 million into shares of Series A Convertible Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . SCYA has authorized 20,000,000 shares $0.001 par value. The Convertible Redeemable Preferred stock converts to common stock at $2.00 per share anytime between Sept. 30, 2002 and Aug. 30, 2003. Licensing Agreements Security Asset Capital Corp. (OTCBB:SCYA) has secured the use of certain patented technology covering a computerized dispute resolution system. SCYA intends on using the patented technology in connection with the development of an automated system for the settlement of consumer debts in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The technology will be used in conjunction with other systems either developed or under development by SCYA. Although it cannot provide assurances, SCYA anticipates initial revenues from this settlement system by the second quarter of 2003. There can be no assurance that this product will be successfully developed or when developed profitable to SCYA. Appointment of Earle Zimmerman Additionally, Earle Zimmerman recently joined the Security Asset Capital Corp.'s management team as its vice president for investor and shareholder relations. Zimmerman will insure that no information is improperly disseminated. Zimmerman most recently marketed the opening of Optimum Bank based in Plantation, Fla. This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in their company's reports filed with the Securities Exchange Commission. |
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