American Benefits Group Inc. announces OTC listing, private placement, new financial officer.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Feb. 6, 1997--American Benefits Group Inc. (OTC/BB:LFLN LFLN Leadership for Life Network (reciprocal link network) ) Thursday announced the listing of its shares on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol LFLN, effective Feb. 3, completion of a private placement of shares raising $248,000 and the appointment of a new controller, Lee V. Twyford Jr., joining the company from Blockbuster Entertainment Corp. The company also announced a change of corporate name to American Benefits Group Inc. from Lifeline Benefits Group Inc. It serves a specialty niche in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, raising funds for the purchase of viatical settlements which convert life insurance policies into cash based on limited life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. . American Benefits Group President Donald Goldstein said the private placement funds will be utilized to expand operations and implement an aggressive marketing plan. "Viatical settlements have evolved into a growth industry over the past decade, estimated to be a $900 million per year marketing business today. We are introducing a new resinsurance program into the business," President Goldstein pointed out. The company is another Boca Raton business benefiting from Blockbuster Entertainment's move to Texas, obtaining a new controller in Lee Twyford who refused the offer to relocate, joining American Benefits Group. He was a senior accounting officer for Blockbuster which merged with Viacom. American Benefits Group recently innovated a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. strategy in its viatical vi·at·i·cal adj. 1. or vi·at·ic Of or relating to traveling, a road, or a way. 2. Of or relating to a contractual arrangement in which a business buys life insurance policies from terminally ill patients for a percentage financial services operations. A viatical settlement converts the life insurance policy of persons with a life expectancy by selling or assigning the policy at a discount. Upon the death of the policyholder, the life insurance company pays out the full value to the new irrevocable beneficiary Irrevocable Beneficiary A beneficiary in a life insurance policy or segregated fund contract whose compensation cannot be changed without his or her consent. Notes: . In viatical settlements the return ranges from 24% to 42% upon maturity. The company's new reinsurance program, a first in the industry, guarantees the repurchase of the policy in the event the viator's life span exceeds the projected maturity. Although AIDS accounts for a majority of viatical transactions, cancer, heart disease and other terminal illnesses have even greater implications for this expanding financial services industry. Viatical settlements help relieve the burden of enduring a fatal illness, a method of enduring death with dignity. Internet information contact: Carrington Capital Corp. at http://www.stockpr.com with E-Mail at: info@stockpr.com -0- NOTE TO EDITORS: In the Internet/email address noted in this news release, there is an "at" symbol info and stockpr.com. In the World Wide Web address noted in this news release, there is a double slash between http: and www.stockpr.com. These symbols may not appear properly in some systems. CONTACT: Carrington Capital Corp. Richard Kagel, VP, 561/998-2025 |
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