SALT LAKE CITY, UT / ACCESSWIRE / February 4, 2016 / Capital Financial Global, Inc. (OTC Pink: CFGX), announced today that it has cancelled the off-take agreement to purchase gold bearing ore concentrates from Noble Metal Kings, LLC, originally announced on July 30, 2014.
“We’ve waited long enough for this relationship with Noble Metal Kings to be productive,” said Paul Edward Norat, CEO of Capital Financial Global, Inc. “We can’t afford to further speculate on mining related projects at the expense of our core finance business. It’s time for us to get back to what we know best and that’s finance. Therefore, effective immediately we are completely out of any mining related business. I don’t want anyone owning our stock with the idea that we are a mining company or that their investment will be tied to mining activity in any way – we are a finance company.”
In related a related action, CFGX has terminated its agreement with Quantum Refiners, Inc., which is controlled by our chief executive officer and principal stockholder, Paul Norat, to process ore acquired from Noble Metal Kings, Inc.
The termination of these agreements with Noble Metal Kings and Quantum Refiners marks CFGX’s official complete departure from purchasing and selling mineral materials.
CFGX continues to hold approximately $5.1 million in face amount of notes receivable that Gold Rush Refiners had issued prior to January of 2014, before it was acquired by Paul Norat and renamed Quantum Refiners. CFGX acquired these notes in March of 2014 in arm’s length transactions in consideration of the issuance of about 1.7 million shares of preferred stock. These notes were written down to $1.7 million based on concerns respecting the collectability of the notes in CFGX’s September 30, 2015 financial statements. CFGX now believes the notes are uncollectable and is attempting to resolve adverse impacts on the company by addressing the previous issuance of the preferred stock.
The Company plans to release an updated plan of operations in the weeks to come. Disclosures can be found on the Company’s website and its online disclosure portal at:
About Capital Financial Global, Inc.
Capital Financial Global, Inc. (CFGX) is a specialty finance company that offers asset-backed financing and loan advisory services.
Our Market Positioning & Differentiation
Unlike traditional banking models, CFGX offers organizations needed liquidity by using an asset-backed approach rather than a traditional credit approach to originating new loans, buying and selling existing loans, and converting distressed collateral into cash or trade-able form.
Our Revenue Model
We seek revenue from loan fees, interest rate spreads on loans we hold, and margins on loans sold in whole or in part to institutional investors, hedge funds, or other secondary market participants. We also seek revenue by charging loan servicing fees and by selling distressed assets that we acquire for our own investment or through some type of foreclosure.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
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Capital Financial Global, Inc.
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