Mortgage Assistance Center Corporation Closes $3 million Private Placement

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Mortgage Assistance Center Corporation (OTC BB: MTGC) (the "Company"), which acquires, manages and resells non-performing mortgages secured by real estate, and distressed real estate properties, today announced that it has closed a private placement for $3 million of new financing as an equity investment in the Company with the issuance by the Company of shares of Series A Preferred Stock having a total purchase price of $3,000,000.

Mortgage Assistance Center Corporation (OTC BB: MTGC) (the "Company"), which acquires, manages and resells non-performing mortgages secured by real estate, and distressed real estate properties, today announced that it has closed a private placement for $3 million of new financing as an equity investment in the Company with the issuance by the Company of shares of Series A Preferred Stock having a total purchase price of $3,000,000.

The financing provides for the issuance of up to $3,000,000 in Series A Preferred Stock, with $1,500,000 in Series A Preferred Stock issued at closing on November 30, 2006, and the remaining $1,500,000 to be issued in tranches of $500,000 at the Company's option, assuming that the Company is able to meet certain benchmarks agreed upon by the Company and the purchaser. In connection with the issuance of Series A Preferred Stock, the Company issued to the purchaser of Series A Preferred Stock warrants to purchase common stock representing up to 37.5% of the fully diluted common stock of the Company at a purchase price of $0.01 per share. The Series A Preferred Stock will pay dividends at the rate of 10% per annum on a compounding quarterly basis (dividends may be deferred during the first 12 months); may be redeemed without penalty by the Company at any time prior to the seventh anniversary of the date of issuance; and must be redeemed by the Company on the seventh anniversary of the date of issuance, in either case, at the face amount plus accrued but unpaid dividends.

The Purchaser is entitled to designate two of five seats of the board of directors of the Company. William G. Payne and Rod C. Jones, principals of FAX LP, and Cain Capital LLC, Dallas-based private equity firms, will fill two board of directors seats representing the purchasers' interests and Dale Hensel and Dan Barnett, major shareholders and officers of the Company, will fill two board of directors seats representing their respective interests, all being pursuant to a voting agreement mutually agreed upon between the parties.

"The new financing affords the Company with the operational capital needed as we increase our processing capability to allow for our very substantial projected growth." remarked Dale Hensel, Chief Executive Officer of Mortgage Assistance Center Corporation. "We are very pleased and excited to have such respected and quality firms as our new financial partners that will bring significant resources and expertise to us as we grow the Company."

The securities offered and sold in this private placement were sold in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The securities have not been registered under the Securities Act or any state securities laws and the securities may not be offered or sold absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering, Mortgage Assistance Center Corporation has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the resale of the shares purchased and the shares issuable upon exercise of the warrant by the purchaser of the Series A Preferred Stock.

This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy shares or warrants.

About Mortgage Assistance Center Corporation

Mortgage Assistance Center Corporation is a financial real estate services company that acquires, manages and resells non-performing secured real estate mortgages and distressed real estate properties. The Company has a unique proprietary business model where non-performing notes are either reworked to become "re-performing" and later, "performing" note status with higher resale value; or traded "cash for keys" and quit claim deed to the Company. When necessary, the Company has proprietary processes to foreclose, rehabilitate and sell the mortgages and properties that are securing the purchased mortgages.

The Company is headquartered in Dallas, Texas, and its common stock trades on the OTC Bulletin Board under the symbol "MTGC". Additional information on the Company is available on its website at http://www.mac-tx.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Any statements that are not historical facts contained in this release are forward looking statements. It is possible that the assumptions made by management for the purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, and the outcome of competitive products and services, the results of the financing efforts, the ability to complete transactions and other risks identified in this release, and the filings of the Company with the Securities and Exchange Commission.

For further information, please contact:

Dale Hensel

President of Mortgage Assistance Center Corporation

214-670-0005

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MICHAEL CAOLO

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