AFSR .12x.14 DD below.
(COMTEX) B: AutoFund Servicing, Inc. Reports $2 Million Loan Approved
B: AutoFund Servicing, Inc. Reports $2 Million Loan Approved
SAN ANTONIO, March 7, 2002 (PRIMEZONE via COMTEX) -- After careful evaluation
of its projected cost of Auto portfolios and expected operating cost, the Board
of Directors of AutoFund Servicing, Inc. (OTCBB:AFSR) announces that 11 cents
per share is in the company's forecast.
According to Mr. James Haggard, Chairman of the Board and President of AutoFund
Servicing, "Eleven cents on twenty million outstanding common shares is in our
grasp, when you take our history into play. We have consistently acquired Auto
portfolios for 1% to 1.5% of face value and the cost of collecting these
portfolios has not been more than 40% of the face value. Now with the new lender
in place, an essential part of the puzzle is about to close. The new $2,000,000
loan will afford us the opportunity to purchase $200,000,000 in additional Auto
portfolios and, with our reduced operating cost, we can now expect earnings per
share of 11 cents."
2)Dirt cheap IMO.
3)Insiders own 90% of the outstanding shares.
4)Shares outstanding 20 million.
5)Float only 2 million.
6)Book value +.
7) (COMTEX) B: AUTOFUND SERVICING INC - Gross Revenue of $2,830,000.00 for
B: AUTOFUND SERVICING INC - Gross Revenue of $2,830,000.00 for 2001; - 24%
Increase Over the Same Period for 2000
New York, New York, Jan 24, 2002 (Market News Publishing via COMTEX) --
AutoFund Servicing Inc. announces that the Board of Directors is having its
annual audit completed.
Our gross revenue (monies collected) for 2001 is over $2,830,000.00 and that's
$500,000.00 more than last year, an increase of 24%.
According to James Haggard, Chairman of the Board and President of AutoFund
Servicing Inc., "With the $30 million dollar portfolio recently closed AutoFund
is now collecting on $193 million dollars, representing 35,871 automobile
accounts. Given the history of the company and what we now know, AutoFund will
grow this year by more than 24%."
"Although the servicing and acquisition of new portfolios is number one on our
list, I have instructed management to began looking at ways to cut overhead and
increase profit. After all, Mr. Haggard continues, AutoFund is a public company
and I am the company's majority shareholder. Profit is a reflection of how well
I am doing my job."
8)The stock was .90 four months ago, and the reason for the crash=(COMTEX) B: AUTOFUND SERVICING INC. - Stock Drops 84% in 19 Trading Days
B: AUTOFUND SERVICING INC. - Stock Drops 84% in 19 Trading Days and Company
Gets Stronger
New York, New York, Jan 16, 2002 (Market News Publishing via COMTEX) -- During
the last 19 days of trading AutoFund Servicing, Inc.'s stock has traded for a
high of .40 to a low of .06 losing 84% of its value. Yet according to Mr. James
Haggard, Chairman of the Board and President, things are looking much better.
Mr. Haggard further states, "I do not understand public stock as well as I
understand running AutoFund, but I am a quick study. AutoFund became public in
part, due to a reverse merger. The merger unfortunately came with 2 large
shareholders who, in my opinion, would have inhibited our future growth and
financial stability of the stock. We now have reason to believe these
shareholders have sold their interest in AutoFund and moved on. This sudden sale
of their stock, I believe, resulted in the collapse of the stocks integrity. Now
with these shareholders out of the picture AutoFund has a better opportunity for
its future growth and financial stability of the stock."
Mr. Haggard continues, "Very few investors know of AutoFund and that has to
change. At present, we are in the process of interviewing with several public
relations companies. Getting the word out about who AutoFund is has become as
important as running it.
"We are days away from closing two major portfolios with a total value of 96
million dollars. The due diligence for the portfolios are completed, the offers
accepted and the lenders in agreement. Acquisitions this size take time and lots
of patience. We may have been a bit premature back in September 2001 when we
announced the Non-Binding Bid for the 56 million portfolio, but all things come
in their own time. An announcement with specifics on the portfolios will follow
the closing."
AutoFund Servicing, Inc. EQUITY, OFFICERS & ADDRESS Page 5 of 10
Common Stock $.001 Par, 9/01, 50M auth., 20,000,000 issd.
Insiders control approx. 90%. 7/25/00, Company formed
through a reverse acquisition between AutoFund Servicing
and Sphinx Industries (18M shares issd.).
OFFICERS: James D. Haggard, Chmn./Pres./Secy./Treas., John
Polgar, Exec. VP/COO, Edward Aleman, VP, Daniel Masterson,
VP. TRANSFER AGENT: Company Office. Company incorporated
1997 in NV. Direct inquiries to: Robert Gartzman,
Director of Investor Relations.
ADDRESS & PHONE NUMBERS
AutoFund Servicing, Inc.
3201 Cherry Ridge Drive
Suite 324
San Antonio, TX 78230
PHONE: (210) 979-0840
FAX: (210) 979-0687 |
