Celtic signs letter of intent to acquire Salt Lake Mortgage Corp. and Advantage Realty Inc.SALT LAKE CITY--(BUSINESS WIRE)--Oct. 18, 1996--Celtic Investment 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 :CELT Celt (kĕlt, sĕlt) or Kelt (kĕlt). 1 One who speaks a Celtic language or who derives ancestry from an area where a Celtic language was spoken; i.e. ) has signed a non-binding Letter of Intent to acquire both Salt Lake Mortgage Corp. and Advantage Realty Inc. in a stock-for-stock exchange. Celtic is a Chicago-area-based financial services company which is currently engaged in the factoring business through its 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. , U.S. Commercial Funding Corp. Celtic's long-term strategic business plan is to develop a diversified financial services company operating on a national basis. In pursuing this plan, it has entered into a non-binding agreement to acquire Salt Lake City-based Salt Lake Mortgage Corp. and Advantage Realty also based in Salt Lake City. Salt Lake Mortgage is a mortgage broker and origination company with offices in Utah and Nevada. It is licensed by HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. and the VA. It also brokers conventional, government and non-conforming mortgages. Advantage Realty is a real estate marketing company. Based upon the revenues of Celtic for the year ended June 30, 1996 and the revenues of Salt Lake Mortgage and Advantage Realty for the 12 months ended June 30, 1996, if the acquisition is completed (of which there can be no assurance) the consolidated revenues of Celtic, Salt Lake Mortgage and Advantage Realty would be more than double the revenues of Celtic alone for the same period. Upon the acquisitions of Salt Lake Mortgage and Advantage Realty, Celtic plans to expand its mortgage banking business and real estate operations in other regions of the country. Celtic will continue with its plans to diversify its operations through additional acquisitions and intends to consider opportunities in the asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". industry, the financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal industry and money management industry. CONTACT: Celtic Investment Inc., Barrington, Ill. Douglas P. Morris, 847/516-2900 |
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