Sunset Brands, Inc Acquires US Financial Assets, Inc
Sunset sees money on the horizon with Financial Services holding & acquisitions firm
Addison, TX- November 1st, 2010- Sunset Brands, Inc (OTC: SSBN) is pleased to announce that it has acquired US Financial Assets, Inc., a Financial Services firm with a focus on the strategic acquisition and investment in federally insured banks, mortgage companies, SBA, insurance, mortgage title companies, management and capital consultative services, REIT and distressed real estate holdings primarily in the Southeast Region of the U.S.A.
Further, in line with its new business model, Sunset Brands, Inc. names, today, John Bert Watson, Sr. to serve SSBN as CEO.
Watson states, “This provides more options and significantly speeds up the execution of our acquisition strategy in the financial services sector. I have extensive experience in the public and financial services sector and am confident there is a significant opportunity in these markets for taking controlling interests in financial service relegated entities that are trading at historically low valuations. This gives us a unique opportunity to accelerate acquisition strategies in regards to quality financial services entities under USFA and the Sunset Brands Company while creating inherent value for our shareholders alongside continued long-term growth.”
In addition to other opportunities, the company sees this as a prime time to consider REITs again as part of its strategy. The U.S. Real Estate Investment Trust industry gained its momentum back in the fiscal 2010 third quarter, after lackluster results in the second quarter that was preceded by two strong back-to-back performances in first quarter 2010 and fourth quarter 2009. John Bert Watson Sr. formerly served as CEO of Sunset Resources Financials where he created and managed what was considered the largest De Novo REIT of its time.
Overall, the company expects that over the next 30 months, it will have multiple opportunities to acquire full or majority interest in several financial services companies that USFA will integrate into its Holding Company franchise; and USFA plans to ultimately provide investors liquidity through an offering on NASDAQ or NYSE within 3 to 5 years.
SSBN looks to release further progress on the acquisition as well as executive announcements and company progress, including some very big news on an upcoming acquisition, in the days to come.
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Jeffrey S. Betros
EVP - Investor Relations