IRVINE, Calif., April 4, 2011 (GLOBE NEWSWIRE) -- Sharewell Capital Group, Inc. (Pink Sheets:SHCGD) ("Sharewell") is pleased to announce that it has signed a Letter of Intent (the "LOI") to acquire a controlling interest in an established insurance agency (the "Agency") based in the Midwest to further its acquisition and consolidation-driven business plan.
The Agency offers comprehensive insurance products and services, including life, disability, property and casualty, premium financing and annuities. Led by a seasoned team of professionals, the Agency is also affiliated with numerous financial advisers and insurance agents around the country. The LOI is non-binding, requires change of control approvals and is subject to a signed definitive agreement. The contemplated transaction involves a combination of cash and stock in Sharewell as consideration.
"This acquisition would provide us immediate infrastructure, talent, leadership and revenue capture in all key lines of insurance, with top-rated insurance companies and in collaboration with numerous insurance specialists," said Steve Robertson, Sharewell's CEO. "Along with our recent acquisition in the lending space, the acquisition of this insurance agency would be instrumental in expediting our strategic plan and attaining our rather aggressive goals for 2011."
Sharewell is developing a niche focus in professional sports, a highly-fragmented and misunderstood segment of the financial services industry. Sharewell is also currently engaged in acquisition due diligence with several target firms in banking, wealth management, real estate and sports management. Combining the breadth of services and depth of talent across synergistic business models, together with a relationship-driven private bank, could further accelerate organic growth and strengthen its competitive advantages.
ABOUT SHAREWELL CAPITAL GROUP, INC.
Sharewell Capital Group, Inc. is a publicly-traded holding company focused on acquiring controlling interests and making strategic investments primarily in the financial services industry. Sharewell intends to raise and invest significant permanent capital with a "duration agnostic" time horizon in order to maximize shareholder equity, liquidity and transparency.
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FORWARD LOOKING STATEMENTS
Certain statements made by Sharewell, which are not historical facts, may be considered forward-looking statements, including, without limitation, statements as to trends, management's beliefs, expectations and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements.
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