MERL Holdings Inc.com Receives $50 Million Proposal from Private Equity Fund.Business Editors WILMINGTON, Del.--(BUSINESS WIRE)--Sept. 5, 2003 MERL Holding Inc.com ("MRLE MRLE Microsoft Run Length Encoding MRLE Modified Form of Run Length Encoding ") announced today that it has received a $50 million proposal from a private equity fund with Capital Group International (CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. ), acting as the financial advisor on this proposal. This proposal is geared to help establish and implement the Company's Business Plan. If MERL accepts the proposal, MERL will use these funds to establish the reserve requirement for JULICO Inc., its insurance subsidiary, pay off current debt obligations and help support the software it has licensed to Heritage Capital Credit Corporation ("HCCC HCCC Herkimer County Community College HCCC Hampden County Correctional Center (Massachusetts, USA) HCCC Hampshire County Cricket Club HCCC Harford County Chamber of Commerce (Maryland) "), which is establishing a nationwide network of hybrid ATM and kiosk structures ("Virtual Financial Centers"). The Plan calls for the installation of 1,800 Virtual Financial Centers by 2006. MERL has not yet accepted the proposal and has not yet signed any documentation regarding the proposal. MERL can give no assurances that it will receive funds from any other financing proposal. MERL requires significant capital to implement its Business Plan. About MERL Holdings Inc.com MERL Holdings Inc.com (MERL Holdings), a holding company organized on May 3rd, 1994, trades on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). under the symbol "MRLE". The Company operates through three subsidiaries JULICO Inc., FirstAccess Partners(SM), Inc., and MERL School Stores. The Company is going through a reorganization whereby MERL Holdings will spin off MERL School Stores as property dividends to shareholders. Following restructuring, the Company will continue to hold JULICO and FirstAccess, a consumer specialty software An umbrella term for software that is designed for a specific application or niche. What is specialty software one day can become a mainstream application the next. See special. company that provides an electronic platform links insurance and loan products. FirstAccess recently announced it entered into a five-year master license agreement with HCCC, whereby the Company grants HCCC the use of its specialty software and loan products. The software is a web-based software that is expected to save HCCC up to 81% in origination and processing costs. For the savings, MERL is looking to receive $1,325 for each transaction processed through the Centers. About Capital Group International Capital Group International www.capitalfund.net is a 35 year-old international investment banking and corporate finance firm, offering a wide range of experience, expertise and services. CGI maintains a relationship with thousands of accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. individual and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , consisting of money managers, pension funds, banks, insurance companies, mutual funds, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] , offshore funds and private investors. This press release contains forward-looking statements. The words "estimate," "possible" and "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 risks and uncertainties, some of which cannot be predicted, 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 risks. |
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