Southland Secures Babcock & Brown as Financial Advisors
NEW YORK--(BUSINESS WIRE)--July 21, 1999--Southland Financial, Inc. (OTC BB Trading Symbol: SINC) announced today that it has engaged the services of Babcock & Brown Limited, (UK) as its financial advisor.
Babcock & Brown is an independent firm engaged in arranging large asset-based, tax-based, structured or project financing and it has, for many years, occupied a premier position in the financial services arena. In making the announcement, Southland's Chairman David A. Turik, said that he believes that the appointment will enhance Southland's ability to communicate to the financial services sector and improve the firm's outreach to potential investors.
Babcock & Brown will provide to Southland a variety of services, which include:
- advising on and developing commercial and contractual structures; - financial analysis and modelling; - preparation and presentation of materials to potential debt and equity investors - development of term sheets for the various financing components;
and - negotiation and assisting with the documentation of financing contracts.
The largest firm of its type in the world, Babcock & Brown, employ over 170 professional staff, in seventeen offices worldwide and completed over U.S.$19 billion in financings in 1998. The company is entirely owned by its professional staff. In South Africa, the firm operates in collaboration with Rand Merchant Bank of South Africa.
Babcock & Brown's major client list includes Boeing, American Airlines, China Southern Airlines, General Electric Company, ABB, Texaco, IBM, EDS, Ford Motor Company and Westinghouse.
Mr. Turik said that of particular significance to Southland is the fact that Babcock & Brown have successfully financed over U.S.$ 5.7 billion for companies in the telecommunications sector and have focussed on infrastructure based projects including fiber optic, cellular and satellite networks. Babcock's telecom sector client list includes Bell Atlantic, Pacific Bell, US West, NYNEX, Hutchison Telecom/Orange (U.K.), Alcatel, Arianespace, INMARSAT and Northern Telecom.
Commenting upon the signing Mr. Turik stated, ''We are certainly pleased to have been able to secure the services of Babcock & Brown. The firm has a proven track record in raising capital for large telecommunications infrastructure projects. From a Board perspective I know that we will be relying on Babcock & Brown's advice in terms of our overall financial structuring as well as their independent evaluation of complimentary projects and acquisitions.''
Mr. Turik said, ''I firmly believe that the addition of Babcock & Brown strengthens and compliments our existing team of Sun Technology Solutions and their associates and Deloitte & Touche, in Hong Kong. Sun have shown great enthusiasm for the project and have been tremendous in their assistance regarding a variety of facets of our corporate development. Deloitte's have provided thorough, well researched documentation and will be pivotal in the future growth of our Company.''
Southland Financial, Inc., through its joint-ventures partners and subsidiary companies, aims to be the premier,independent communications ''network service provider'' in Southeast Asia. Southland intends to provide cost-effective, high quality and
value-added ''last mile'' solutions to its customers.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1996. Forward looking statements concerning, plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Southland's stage of development.
All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For further information visit our website at www.sincsfi.com
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