Davenport Ventures Enters Letter of Intent to Merge With Royal Mortgage Corp.NAPLES, Fla.--(BUSINESS WIRE)--June 30, 1998--Davenport Ventures Inc. (OTC-EBB:DAVT) is pleased to announce that it has entered into a Letter of Intent to merge with Royal Mortgage Corp. (Royal). Royal is a private corporation domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Texas with offices in Arlington, Texas Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. According to a U.S Census Bureau release, as of July 1, 2006 Arlington has an estimated population of 367,197. and Naples, Fla. The merger agreement has been approved by the Davenport board of directors. The agreement must now be approved by the Royal board of directors and the shareholders of both companies. These pending approvals withstanding, it is anticipated the merger will become effective by mid-August. Under terms of the proposed merger, Royal shareholders would receive shares in Davenport on a one-for-one basis (1:1) with Royal becoming a 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. of Davenport. Once all necessary approvals have been obtained the newly merged companies would become known as Royal Financial Corp. Royal is an institutional purchaser of discounted/distressed mortgages and tax lien certificates Tax Lien Certificate A certificate of claim against property that has a lien placed upon it as a result of unpaid property taxes. Notes: Available in many states, this certificate allows the owner to collect unpaid taxes in addition to a set level of interest. and is an asset-backed lender to unique real estate properties. The financing for Davenport's purchase of Walden Woods Retirement Village was provided by Royal. Both companies readily identified the mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" synergy of a business combination which resulted in the proposed merger.
CONTACT: Davenport Ventures, Inc., Naples
Stephen R. Foster, Vice-President/Secretary
941/403-3968 or 941/777-9443
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