Navigator Ventures, Inc. Announces Signing Letter Of Intent To Acquire 100% of Golden Apple Holding Company, L.L.C.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 6, 2002 Navigator Ventures, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NVGV) has signed a Letter of Intent detailing the proposed corporate combination of Golden Apple Holding Co., L.L.C., a Florida corporation, and Navigator Ventures, Inc., a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. . Navigator Ventures, Inc. intends to acquire one hundred percent of the stock of Golden Apple Holding Company, L.L.C., making Golden Apple 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 Navigator Ventures, Inc. Golden Apple Holding Company, L.L.C. was formed by seasoned insurance executives to acquire existing books of insurance from insurance companies that are restricted from writing new business by their own capital constraints or by state regulators. The opportunities identified by Golden Apple are a direct result of the disaster of 9/11, previous substandard underwriting policies of the targeted insurance companies, as well as their negative investment returns of the past few years. Subject to the execution of definitive agreements between the parties and to satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. by both parties, the Company will issue 2,250,000 shares of restricted stock to the shareholders of Golden Apple in exchange for one hundred percent of the stock of Golden Apple Holding Co., L.L.C. Golden Apple has represented that it has negotiated a right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. on $180 million out of approximately $600 million of existing premium business with troubled insurance companies. Management of Golden Apple has selected that portion of that business based upon its underwriting criteria and acceptable historical loss ratios. Upon the closing, new directors and new officers will be appointed, Navigator will change its name to Golden Apple, and new management will effect a 9:1 forward split of the stock and obtain a new CUSIP number CUSIP Number An identification number assigned to all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system. Notes: This system is used in the U.S. and Canada. and SYMBOL. "The combination of Golden Apple and Navigator is the first step in expediting the capital growth strategy of Golden Apple, enabling it to become a significant regional specialty property and casualty company," said Diane Perkins, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Golden Apple. Forward Looking Statement: Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 2 IE of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion