SALT LAKE CITY, UT / December 21, 2016 / Capital Financial Global, Inc. (OTC Pink: CFGX), announced today that on November 29, 2016, it completed the sale of its St. Louis Mine (the “Mine”) to Ireteba Mining Company, LLC (“Ireteba”), in an arms-length transaction that finalizes its complete withdrawal from all mining related business.
“This marks the end of our mining related interests and pursuits, and prepares us to start 2017 with a fresh agenda,” said Paul Edward Norat, CEO of Capital Financial Global, Inc. “Now we can finally get on with our core business of finance.”
The full purchase price and consideration paid for the Mine is comprised of the full assumption of a certain promissory note (the “Note”) dated December 22, 2011, between the Company and Red Castle Enterprises, LLC (“Red Castle”), which had a balance of $324,136.99 on the date of the sale. The Note was originally issued by the Company to Red Castle as part of the original purchase price for the Mine.
The Company originally paid $1,000,000 for the Mine in 2011, but it was booked and carried at the discounted value of $548,835, as per the Company’s 2011 and 2012 audited financials. Because the Mine was disposed of for consideration valued at $324,136.99, the company expects to book a loss for the difference in the amount of approximately $224,698.01 in fourth quarter 2016.
The effect of the sale is that Capital Financial Global, Inc. no longer owns any interests in any mining related properties, furthering its stated departure from any mining related activities.
Ireteba is owned 100% by Bruce Yeomans, an unaffiliated past advisor to the Company.
For more information see the Company’s recently filed 8k in the SEC’s Edgar portal at:
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 and investments we hold, and margins on loans and investments 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.
For more information, please contact:
Capital Financial Global, Inc.
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