21st Century Technologies' Board of Directors Approves Acquisition of Credit Card Financial Corporation.Business Editors LAS VEGAS--(BUSINESS WIRE)--Oct. 28, 2003 By unanimous action, the Board of Directors of 21st Century Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TFCT TFCT Thorium Fuel Cycle Technology TFCT Task Force on Combating Terrorism TFCT Transverse Folded Cabinet Technology ) has accepted the recommendation of the Investment Committee to acquire Credit Card Financial Corporation. Credit Card Financial will engage in the highly profitable business of buying and selling consumer credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. . As a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Credit Card Financial will be headed by Max Lucas, who has over 18 years of management experience in the credit card industry, included in his 30 years of banking experience. Mr. Lucas has previously served as the Chief Financial Officer, and Director of Credit Services for Citigroup (NYSE NYSE See: New York Stock Exchange :C). He was also Vice-President & Financial Manager for Trading Products and Investment Banking for First Chicago Corporation. Arland D. Dunn, 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 21st Century, previously headed Traditional Industries, Inc., a photography sales organization which was named as one of the best-managed small businesses in the United States by Forbes Magazine. As part of his duties, Mr. Dunn managed a portfolio of $150 million in consumer installment contracts with a substantial amount of credit card debt. "The acquisition of Credit Card Financial is one that I have had a direct involvement in. Its is in an industry that both Mr. Lucas and myself have had great success in, and one where we believe 21st Century shareholders will profit tremendously. This is a perfect fit for us." Kevin Romney, 21st Century's general manager, said, "I have reviewed carefully the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma numbers presented, and feel that a $500,000 first year bottom line for Credit Card Financial is an entirely reasonable projection. The numbers were prepared according to GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , and are based on experience. Credit Card Financial represents an exciting and unique opportunity. It will show to the industry a new and superior way to do business. We are very excited about this acquisition, and are already looking at other companies to roll-up into this division. This is more than just an appropriate acquisition, considering our management's history and 21st Century's status as a Business Development Corporation." Safe Harbor 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion