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Non-Tech : National Affiliated (NAAC)
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To: RADARLUV who wrote (35)9/10/1997 8:58:00 PM
From: ashoka   of 88
 
To All: Latest Press release from NAAC SEPT 10. NAAC Summarizes Acquisitions NORTH BETHESDA, Md., Sept. 10 /PRNewswire/ -- National Affiliated Corporation (Nasdaq:NAAC) is scheduled to close on (1) Maryland Southern Life Insurance this week and is scheduled to (2) purchase a collateralized note and foreclose on 54% of Conestoga Life Assurance and American Sentinel Insurance in the second week of October and (3) has signed a Letter of Intent to purchase 100% of the stock of a life insurance group which has a widely licensed life insurance company with international operations, an insurance agency and a third party administrator is scheduled to close in January. When combined with NAAC's existing 17 jurisdictions, the scheduled acquisitions would jointly hold 44 state licenses. The combined gross premiums are projected to be $79 million in the next 12 months, which is 40 times higher than National Affiliated Investors Life, NAAC's current life insurance unit. NAAC's management estimates the additional earnings from these acquisitions for the next twelve months will be $1.07 per share. Forward-looking statements include statements that represent the company's beliefs concerning future or projected levels of sales or the earnings or profitability of the company's activities. Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the company's control and are subject to change. These uncertainties can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the company. NAAC is committed to the acquisition and consolidation of insurance companies, mainly those with clear potential for a high return Hope this clarifies some questions of earnings / name of acquistions and potential profits. Ashoka
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