Business & Finance
Business and Finance
Business and Finance
Thu, February 12, 2009 Puritan Financial Group, Inc. Signs Binding Letter of Intent To Acquire Union Financial Corp.
DESTIN, Fla.--([ BUSINESS WIRE ])--Puritan Financial Group, Inc. (Pink Sheets:PTNG) announced today it has signed a Binding Letter of Intent (LOI) to acquire Union Financial Corp., a small boutique brokerage firm based in Fort Lauderdale, Florida. Union Financial currently has over $14 million in assets under management which includes stocks, bonds and cash. Their clients include over 200 retail and institutional customers.
Union Financial Corp. will operate as a wholly owned subsidiary. Closing on this acquisition is to occur on or before February 20th, 2009.
Trent Sommerville, Chairman and CEO of Puritan Financial Group, stated, "The acquisition of Union Financial strengthens our position in the brokerage sector as we move forward with our corporate strategy. It will also open new opportunities on the retail side and help increase our customer base."
Mr. Sommerville also stated, "We will continue to seek out other Broker/Dealer opportunities that are a strategic fit for our company."
Thomas R. Noonan, President of Union Financial Corp., will remain as a consultant to the company and assist in the transition to new management.
About Puritan Financial Group, Inc.
Puritan Financial Group, Inc. has been established as a diversified holding company with plans to acquire cash flow positive companies with strong management teams in such sectors as financial services, insurance, retail, medical, energy, technology and manufacturing.
Safe Harbor:
Statements contained herein, and other data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. The Private Securities Reform Act of 1995 provides a "safe harbor" for forward-looking statements.
