STAN WEST MINING ANNOUNCES ACQUISITION OF OUTSTANDING SHARES OF FIRST INTERNATIONAL ACCEPTANCE CORP.
STAN WEST MINING ANNOUNCES ACQUISITION OF OUTSTANDING SHARES OF FIRST INTERNATIONAL ACCEPTANCE CORP. EL TORO, Calif., April 13 /PRNewswire/ -- Graham R. Jones, acting chairman of the board of Stan West Mining Corp. (National Daily Quotation System "Pink Sheets": SWMC) announced today, that Stan West has acquired all of the outstanding shares of First International Acceptance Corp. from Fenchurch Group Inc. in exchange for 2,000,000 shares of Stan West's Series "B" Convertible Preferred Stock. Each share of Series "B" Preferred Stock has voting rights equivalent to 90 shares of common stock and is convertible into 90 shares of common stock of Stan West. As a result of the acquisition First International has become a wholly owned subsidiary of Stan West and Fenchurch Group Inc. will control approximately 90 percent of Stan West. First International is a development stage company which plans to enter the automobile finance business. The company proposes to originate automobile/light truck loans through factory authorized dealers. The loans would be packaged into portfolios for sale to institutional investors. A major New York investment bank has committed to provide its services to sell the portfolios to institutional investors. The company is preparing to raise $2,000,000 to $6,000,000 through private investors. The management believes that the business plan is timely, and the downturn in the economy will enhance the potential of profitability. Many financial institutions have exited or curtailed automobile financing, thus creating a window of opportunity for First International. A special meeting of shareholders of Stan West will be held Friday, May 15, 1992, to ratify the merger, change the name of Stan West to FIAC Inc., approve a reverse split of the common stock, election of directors, approve an amendment to increase the authorized common stock and preferred stock and other general corporate matters. The company has relocated its corporate offices to: 24551 Raymond Way, Suite 250 El Toro, CA 92630 714-837-4424 -0- 4/13/92 /CONTACT: Graham R. Jones of Stan West Mining, 714-837-4424/ CO: Stan West Mining Corp.; First International Acceptance Corp. ST: California IN: MNG SU: TNM
AL-CH -- LA014 -- 7820 04/13/92 13:46 EDT
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|Date:||Apr 13, 1992|
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