MISSISSAUGA, ON--(Marketwired - Feb 18, 2014) - Crown Alliance Capital Limited (OTC: CACL) announced the filing of its second quarter 10Q with the US Securities and Exchange Commission.
This new filing show the Company's current state of financials and reported several notable events including the change from "developmental stage" status to a fully operational company." The Company also reported an additional secured investment of $1.5 million and the completion of the purchase of an additional $2 million in senior life settlement policies. Additionally, several previous consulting contracts were cancelled with the result of having previously issued shares returned to capital creating a net reduction of outstanding shares and a positive include effect.
The Company is currently completing the underwriting, structure and framework necessary to move forward on a new portfolio purchase that it has been approved for purchase with a face value of $100 million.
Lorraine Fusco, Crown's CEO noted: "Crown is definitely moving in the right direction with a consistent, steady approach to policy target and acquisition, one policy or portfolio at a time. We are very excited about this next quarter and are working hard to ensure completion by end of March 2014. We would like to take this opportunity to thank shareholders for their patience, support and continued encouragement during this period of growth."
About Crown Alliance Capital Limited
Crown Alliance Capital Limited (OTC: CACL) is a publicly reporting Corporation, formed in March of 2010 with the intention of acquiring senior life settlement policies. The company targets and acquires mainly universal life insurance policies that are no longer desired by individuals in order to build a large portfolio of policies that meet a rigid selection process. By becoming the owner/beneficiary of the policies and maintaining the premiums, Crown is able to obtain a substantial return on investment when each death benefit is ultimately paid.
Safe Harbor Statement: Certain statements and information included in this release constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.