Case Financial, Inc. Reports Third Quarter and Nine-Month Results.Business Editors ENCINO, Calif.--(BUSINESS WIRE)--July 23, 2002 Case Financial, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSEF CSEF Committee for Safe Energy Future ) announced financial results for the third quarter and nine-month periods ended May 31, 2002. On May 24, 2002 a reverse acquisition was completed whereby Asia Web Holdings, Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , purchased, in a reverse acquisition, the business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and certain assets of Case Financial, Inc., a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). corporation. Case Financial will be treated as the continuing entity for accounting purposes. On May 27, 2002 Asia Web effected a name change to Case Financial, Inc. and then adopted a new stock symbol (CSEF). The financial results reported for this nine-month period include only the operations of Asia Web Holdings and the acquisition costs for the quarter. At May 31, 2002, the Company reported cash and equivalents of $870,549 and working capital of $1.5 million. For the quarter, the Company reported revenues for Asia Web Holdings of $5,562 and a net loss of ($1,147,376), or ($0.12) per share, as compared with revenues of $594 and a net loss of ($860,880), or ($0.10) per share, for the same period in the prior year. For the nine-month period, the Company reported revenues for Asia Web Holdings of $18,253 and a net loss of ($1,148,362), or ($0.13) per share, as compared with revenues of $8,050 and a net loss of ($1,577,166), or ($0.18) per share, in the same period last year. For the third quarter and nine-month periods ended May 31, 2002, the Company reported non-recurring merger costs of $991,301 (including non-cash, stock-based compensation costs of $712,083). Eric A. Alden, co-chairman 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. , noted that, "It is important to note that because these financials do not reflect the litigation funding Litigation funding is a practice in which individuals who are plaintiffs in lawsuits receive money from firms and individuals who take a lien on the proceeds of a personal injury suit in return for ready cash. business of Case Financial, these results are not indicative of future performance or results. "I'm pleased to note that Case Financial is moving forward with a strong, clean balance sheet Clean Balance Sheet Refers to a company whose balance sheet has very little or no debt. Notes: A company is told to "clean up" its balance sheet if they are exposed to large amounts of debt. and that we've completed the first steps toward positioning the company to raise the capital necessary to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our business goals. We are building upon the base of our three-year operating history; our risk analysis expertise in the litigation funding business; and the more than 850 cases funded representing an aggregate investment exceeding $5 million." Case Financial, Inc. is one of California's leading litigation funding companies, providing pre-settlement litigation funding to law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
When a person begins a civil lawsuit, the person enters into a process called litigation. through non-recourse advances. The Company performs an internal underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. review and bases its funding decisions and the pricing of its fees on this risk analysis and its estimate of settlement timing. The non-recourse cash advances are collateralized by the proceeds of each legal settlement. Except for any historical information, the matters discussed in this press release contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. Such statements are subject to a number of assumptions, risks and uncertainties. The results of operations for the nine- and three-month periods are not necessarily indicative of the results expected for the full fiscal year ending September 30, 2002, the new fiscal year of the Company. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information or otherwise.
FINANCIAL HIGHLIGHTS
Third Quarter Ended May 31,
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2002 2001
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Revenues $ 5,562 $ 594
Net (Loss) (1,147,376) (860,880)
Costs of Merger (including stock-based
compensation cost of $712,083) (991,301) --
(Loss) Per Share
Basic and Diluted (0.12) (0.10)
Weighted Average Shares Outstanding 8,910,426 8,790,408
Nine Months Ended May 31,
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2002 2001
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Revenues $ 18,253 $ 8,050
Net (Loss) (1,148,362) (1,577,166)
(Loss) Per Share
Basic and Diluted (0.13) (0.18)
Shares Outstanding 8,910,426 8,790,408
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