Credit One Corporation Files Initial Public Offering -IPO-.Business Editors DELAND, Fla.--(BUSINESS WIRE)--June 12, 2000 Credit One Corporation has filed an initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) by means of a Scor U-7 registration in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State, USA and is now effective. This Florida Corporation is conducting a Public Offering of 200,000 shares at $5.00 per share for an aggregate offering price of $1,000,000. The shares are sold in Units consisting of 50 shares each (minimum purchase of $250.00). This offering is approved for sale in the following states: NY. These shares are also being offered for sale outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . This is a "for profit, high cash flow" company that maintains its web site at: www.creditone-financial.com. The majority of the cash proceeds from the offering will be used to purchase portfolios of non-performing (defaulted) unsecured 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. from various financial institutions. The company will purchase higher yielding portfolios classified as "50 Day Charge-Off" credit cards. They are called "zero agency accounts". These portfolios can be purchased at significant discounts from their face value, ranging from $.06 to $.10 on the dollar. The predictable return ranges from $.15 to $.20 on the dollar. Accounts deemed uncollectible by the Company will be bundled into portfolios for resale at $.03 to $.04 on the dollar. Since the Company will own the accounts, it has wide latitude latitude, angular distance of any point on the surface of the earth north or south of the equator. The equator is latitude 0°, and the North Pole and South Pole are latitudes 90°N and 90°S, respectively. in negotiating the payment of all or part of the debt owed by each debtor. The most up to date methods of collection will be utilized by highly trained collectors. State of the art collection software, computers and telephone system will also be used. The Company will conduct its collection activity in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Fair Debt Collection Practices Act The Fair Debt Collection Practices Act (or FDCPA), et seq., is a United States statute added in 1978 as Title VIII of the Consumer Credit Protection Act. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection and . The Company's management has over fifteen years experience in analyzing, forecasting, planning, implementing and achieving projected recovery yields from portfolios of charged-off accounts. This announcement does not constitute an offer of the securities listed herein. An offer may be made only by the Scor U-7 disclosure document and may only be made by the company in a jurisdiction in which a current registration statement is in effect or where the company in question is relying on an exemption from registration under the laws of the jurisdiction(s) in which it is making its offer. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion