NEWS!
eVision USA.Com, Inc. Subsidiary Acquires a Portfolio of Mature Credit Card Accounts Receivable At a 16% Discount to Par
DENVER--(BUSINESS WIRE)--March 21, 2000--eVision USA.Com, Inc. (eVision, www.evisionusa.com; OTC BB:EVIS - news), an integrated online solutions provider, announces that its subsidiary, eBanker USA.com, Inc. (eBanker, www.ebankerusa.com) has acquired a $9.2 million portfolio of credit card accounts receivable (approximate book value as of December 31, 1999) from MBf Card International Limited of Hong Kong, for a total consideration of approximately $7.7 million.
The portfolio, as of December 31, 1999, consisted of 92% of current accounts receivable and 8% of 1 to 30 days past due accounts receivable. The portfolio, which has been in operations for over 6 years, has approximately 17,000 cardholders.
Under the terms of the agreement, 60% of the total consideration, or approximately $4.6 million, was paid at the time of closing of the agreement, with the balance of approximately $3.1 million due six months after closing, subject to adjustments based on a review of the portfolio as of January 31, 2000.
``With the signing of this agreement, eBanker has made a further strategic move into the credit and lending market. At the same time, we believe this agreement provides eBanker with the opportunity to earn a substantial return on its investment, as we are purchasing the portfolio of receivables at a total consideration well below its par value,' stated Fai H. Chan, Chairman and Chief Executive Officer of eVision.
eBanker is an online financial services corporation with the mission of identifying and serving high-margin, financial market niches. eBanker is a 37% owned consolidated subsidiary of eVision.
eVision's consolidated subsidiaries and significant equity investments operate within five distinct divisions: eFinance, eServices, eCommunications, eInformation and eMedical.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
If you would like to receive press releases via email, please contact us at ir@evisionusa.com.
--------------------------------------------------------------------------------
Contact:
eVision USA.Com, Inc.
Tony Chan, 303/860-1700
--------------------------------------------------------------------------------
More Quotes and News: eVision USA.Com Inc (OTC BB:EVIS.OB - news)
Related News Categories: banking, computers, internet, publishing, telecom
-------------------------------------------------------------------------------- |
