International Merchant Advisors, Inc. Signs Letter of Intent to Purchase National Online Lender FlashCashNow.com, Inc.
KINGWOOD, Texas, Dec. 16 /PRNewswire-FirstCall/ — International Merchant Advisors (Pink Sheets: IMAI) announced today the signing of a Letter of Intent (“LOI”) with respect to the purchase of FlashCashNow.com, a national online payday lender and cash advance business currently offering its services in thirty states throughout the USA.
The LOI confirms IMAI’s intention to acquire 100% of FlashCashNow.com in consideration of $100,000.00 payable in IMAI common restricted shares and $1.2 million in cash or acceptable terms between the parties. The transaction is subject to customary due diligence items and financing contingencies. A formal agreement is anticipated between International Merchant Advisors and FlashCashNow.com within the next few days as due diligence items have been completed and a definitive document is prepared and executed by both parties to the transaction.
Mel Roseman, CEO of IMAI, stated, “The online payday loan and cash advance business trend is projected to continue its steady growth, with substantial profit margins. Additionally, since it is an online business, it has very low fixed operating costs, which minimizes risk for our shareholders. The current lack of consumer bank financing available and the need for worker cash between paydays is driving this business sector higher, and rates of return on these loans should translate into excellent value for our shareholders.”
Mr. Roseman continued, “IMAI’s continuing vision for FlashCashNow.com is to maximize our shareholder value through expansion of new business opportunities. We believe we can utilize acquisitions and partnerships with significant merchants throughout the western hemisphere to rapidly expand the payday and loan advance business.”
About International Merchant Advisors, Inc.
International Merchant Advisors, Inc. (IMAI) is an international business banker and builder of companies. IMAI provides direct access to the critical tools necessary to satisfy the growth requirements of international emerging and re-emerging public and private companies. These tools include providing strategic advisory services, capital raising strategies, direct access to capital markets, and organizational development and business plan execution.
Since opening its doors in 2007, it is quickly becoming one of America’s online leaders in payday loan services. As a member of both the CFSA and BBB, we are dedicated to responsible and licensed lending. Today our services are available in 30 US states and growing. FlashCashNow.com continues to lead the way toward the future of secured online lending and credit services due to our team of dedicated professionals.
SOURCE International Merchant Advisors, Inc.