CPS to purchase 1.6 million shares of NAB Asset Corp.IRVINE, Calif.--(BUSINESS WIRE)--Feb. 9, 1996--Consumer Portfolio Services Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPSS CPSS Committee on Payment and Settlement Systems CPSS Commission on Public Secondary Schools CPSS Cincinnati Prehospital Stroke Scale (STR - Smile, Talk, Raise both arms) CPSS Certified Professional Soil Scientist ) announced that it has signed a definitive agreement to acquire, through a new subsidiary, 1,600,000 common shares (approximately 38 percent) of Houston-based NAB Asset Corp. for $2.50 per share. At closing, which will take place in April 1996, NAB Asset Corp. will have $7,500,000 in cash, no other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. or liabilities, no operations, and a tax loss carryforward tax loss carryforward See carryforward. of approximately $174 million expiring in the years 2001 through 2009. CPS will name three members of a five-man board of directors. Through this investment, CPS proposes to establish or acquire 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. businesses that will complement the current operations of CPS. "We are excited about the many opportunities we plan to explore through NAB," reported Charles E. Bradley Jr., 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 CPS. Consumer Portfolio Services purchases, sells and services loans originated by automobile dealers for new and late-model used cars. The company services loans in 49 states and has purchased contracts in 35 states. For more information on Consumer Portfolio Services via facsimile at no cost, simply call 800/PRO-INFO and dial client code 090. CONTACT: Consumer Portfolio Services Inc., Irvine Charles E. Bradley, 714/753-6800 or The Financial Relations Board Jody Martin, 310/442-0599 (general information) Moira Conlon, 310/442-0599 (analyst contact) Judith Sylk-Siegel, 212/661-8030 (media contact) |
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