Business
Capital Financial Global in Talks to Acquire Affiliated Funding Corporation, Invoice Factoring and Commercial Finance Business
Capital Financial Global in Talks to Acquire Affiliated Funding Corporation, Invoice Factoring and Commercial Finance Business.
About this update from Capital Financial Global, Inc.
[{"type":"text","content":" Capital Financial Global, Inc. (OTC Pink: CFGX), announced today that it has executed a letter of intent to acquire all of the outstanding stock of Affiliated Funding Corporation (“AFC”), an invoice factoring and commercial finance business.The result of the transaction will be that AFC will merge with and into CFGX, and CFGX will be the surviving entity on the closing of the Merger. The closing of the Merger is subject to the execution of a final Agreement and Plan of Merger, and the satisfaction of certain conditions, including approval by all of the AFC Stockholders.“This merger comes with an existing credit facility to fund loans with, software and infrastructure to handle growth, and two seasoned professionals to join CFGX and execute our combined business objectives,” said Paul Edward Norat, CEO of Capital Financial Global. “AFC’s management team have been in the industry since 1993, and we’ll get the benefit of more than 15 years of AFC’s profitable history, along with their existing client book and revenue stream. I couldn’t be more pleased with the forward momentum that this will give us.”“After engaging in several rounds of informal discussions, we feel that joining forces with CFGX will enable us to accomplish much more over the long-term,” said Ronald N. Hyatt, CEO of Affiliated Funding Corporation. “This will be a true case of synergistic alignment that will make us both much better together than we could have been apart. We can’t wait to close the merger and get to work as part of CFGX’s management team.”The letter of intent calls for the purchase price to be paid in the form of a combination of restricted preferred stock and new debt.It is anticipated that commercial finance, including invoice factoring, will form an informal business segment that will supplement CFGX’s existing real estate and life settlement backed funding pursuits.The Company plans to release an updated plan of operations in the weeks to come. Disclosures can be found on the Company’s website and its online disclosure portal at:https://www.capfiglobal.com/https://www.otcmarkets.com/stock/CFGX/disclosureAbout Capital Financial Global, Inc.Capital Financial Global, Inc. (CFGX) is a specialty finance company that offers asset-backed financing and loan advisory services.Our Market Positioning & DifferentiationUnlike traditional banking models,...