Heritage Signs Letter of Intent to Merge with London Based Insurance Company.WILMINGTON, Del. -- Heritage Capital Credit Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :HCPC HCPC Harris County Psychiatric Center (University of Texas Health Science Center at Houston) HCPC Healthcare Common Procedure Coding HCPC Hancock County Planning Commission (Maine) ) together with a related financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. company First Life Financial Corporation (FLFC FLFC Front Line Familiarization Committee (Bay City, Michigan) FLFC Fooly Cooly (anime) ) announce that they have signed a non-binding Letter of Intent to merge with a London Based insurance company to form an insurance holding company based in 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. . The new company is expected to have three divisions - a lending unit, Independent Capital Credit Corporation (ICCC ICCC International Council for Caring Communities ICCC International Council for Computer Communication ICCC International Computer Communications Conference ICCC International Carpathian Control Conference ICCC International Conference on Computer Communications ); an insurance group located in the United States, FLFC; and a London based insurance unit. FLFC will write insurance guaranty policies for transactions of the new company including the special purpose entities which will fund the proprietary BCLOC Loans originated by the lending unit. The London based insurance unit will write residual value Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. insurance for existing financial products as well as design structured finance models for new financial products. The new company is expected to provide a substantially larger balance sheet than existed for Heritage and with that strength the new company is expected to fund in 2007 the $740 million in ICCC's BCLOC contractual obligations. For more information, visit our website: www.HeritageCapitalCreditCorp.com. This press release may contain forward-looking statements within the meaning of federal securities laws that involve significant risk and uncertainties. The words "estimate," "possible," "seeking," and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risk and uncertainties, some of which cannot be predicated or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risk. |
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