ADDISON, Texas, Nov. 1, 2010 (GLOBE NEWSWIRE) -- Sunset Brands, Inc (Pink Sheets:SSBN) is pleased to announce that it has acquired US Financial Assets, Inc., a Financial Services firm with a focus on the strategic acquisition and investment in federally insured banks, mortgage companies, SBA, insurance, mortgage title companies, management and capital consultative services, REIT and distressed real estate holdings primarily in the Southeast Region of the U.S.A.
Further, in line with its new business model, Sunset Brands, Inc. names, today, John Bert Watson, Sr. to serve SSBN as CEO.
Watson states, "This provides more options and significantly speeds up the execution of our acquisition strategy in the financial services sector. I have extensive experience in the public and financial services sector and am confident there is a significant opportunity in these markets for taking controlling interests in financial service relegated entities that are trading at historically low valuations. This gives us a unique opportunity to accelerate acquisition strategies in regards to quality financial services entities under USFA and the Sunset Brands Company while creating inherent value for our shareholders alongside continued long-term growth."
In addition to other opportunities, the company sees this as a prime time to consider REITs again as part of its strategy. The U.S. Real Estate Investment Trust industry gained its momentum back in the fiscal 2010 third quarter, after lackluster results in the second quarter that was preceded by two strong back-to-back performances in first quarter 2010 and fourth quarter 2009. John Bert Watson Sr. formerly served as CEO of Sunset Resources Financials where he created and managed what was considered the largest De Novo REIT of its time.
Overall, the company expects that over the next 30 months, it will have multiple opportunities to acquire full or majority interest in several financial services companies that USFA will integrate into its Holding Company franchise; and USFA plans to ultimately provide investors liquidity through an offering on NASDAQ or NYSE within 3 to 5 years.
SSBN looks to release further progress on the acquisition as well as executive announcements and company progress, including some very big news on an upcoming acquisition, in the days to come.
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of future performance, statements of management's plans and objectives, future contracts, and forecasts of trends and other matters. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate", "estimate", "expect", "believe," "will likely result," "outlook," "project" and other words and expressions of similar meaning. No assurance can be given that the results in any forward-looking statements will be achieved and actual results could be affected by one or more factors, which could cause them to differ materially. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act.
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CONTACT: U.S.Financial Assets, Inc. Jeffrey S. Betros, EVP - Investor Relations 904-436-6217 firstname.lastname@example.org