21st Century Technologies, Inc. Signs Letter of Intent; Will Acquire Credit Card Financial Corporation.Business Editors/High-Tech Writers LAS VEGAS--(BUSINESS WIRE)--Oct. 16, 2003 Max Lucas, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Credit Card Financial Corporation ("CCFC CCFC Campaign for a Commercial-Free Childhood (formerly Stop Commercial Exploitation of Children) CCFC Crohn's and Colitis Foundation of Canada CCFC Coventry City Football Club CCFC California Cut Flower Commission ") announced that CCFC has entered into a letter of intent to be acquired by 21st Century Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB TFCT TFCT Thorium Fuel Cycle Technology TFCT Task Force on Combating Terrorism TFCT Transverse Folded Cabinet Technology :OB). Mr. Lucas said, "We at CCFC are very pleased to have entered into a firm LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items to be acquired by 21st Century. CCFC brings to 21st a new concept of dealing in consumer debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay which results in considerable market advantage. 21st Century as a Business Development Company brings to CCFC financial resources that will launch this mutually beneficial enterprise." Mr. Lucas, formerly Chief Financial Officer and Director at Citicorp Credit Card Services (NYSE NYSE See: New York Stock Exchange :C) and Vice President & Financial Manager for First Chicago Corporation, now part of BankOne (NYSE:ONE), brings with him substantial high-responsibility experience in the credit card and consumer credit industries. CCFC shall engage in the business of buying and selling credit card-based consumer debt, part of a trillion dollar a year business in the United States. "We have based our expectations on experience and great familiarity with the credit card consumer debt market in the United States. Our expectations are revenues of $3 million during our first year of operations, growing to $80 million by our fifth year in business." Arland D. Dunn, President and CEO of 21st Century said, "We are particularly pleased to acquire CCFC. I have worked with Mr. Lucas before and I have high confidence in his abilities. CCFC will serve to increase shareholder value in 21st Century substantially by profiting in a growing industry. Our financing resources as a Business Development Company will serve us well when CCFC officially joins our family of companies." Mr. Dunn and other high-ranking officers of 21st Century have considerable successful experience in the consumer credit industry. 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. Statement The statements made by 21st Century Technologies Inc. (the "Company") may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of the Company. Actual results could differ materially from those projected due to risks such as changes in interest rates, market competition, our ability to generate orders and various other business risks. |
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