U.S. Debt Settlement Acquires Assets of American Debt Control
(Thomson Reuters ONE) -
LOS ANGELES, CA. - April 7(th), 2010 - U.S. Debt Settlement, Inc. ("USDS", or
"the Company") today announced it has completed the acquisition of debt
settlement company American Debt Control ("ADC"), located in Grapevine, Texas.
The Acquisition included a cash payment, stock, and an earn out for the previous
owners. It is estimated that an additional $1,000,000 of booked revenue over the
next 12 months will be the net result of the acquisition. ADC, located in
Grapevine, Texas, has 19 employees, 1,500 active clients and approximately
$50,000,000 of debt under management. U.S. Debt Settlement will use this as the
nucleus of its Midwest operations.
Michael Mann, CEO for US Debt Settlement, stated, "We are deploying an
aggressive growth by acquisition strategy, of which the deal with ADC is only
one element. By acquiring other companies, we not only grow our revenues, but
we also add experienced talent and valuable databases of existing and potential
customers, to whom we can market additional services. This creates a strong
backend foundation that we expect will accelerate our organic growth rate
significantly. I look forward to updating our shareholders regularly on further
acquisitions and other material events."
Management has decided to keep the ADC business in tact and consolidate its
Texas activities into ADC's existing infrastructure. USDS has several other
acquisitions pending in Texas, which, upon completion, will be rolled into the
organization there.
USDS is furthermore assessing the benefits of a move of the Company's
California-based assets to Texas, where they could operate more cost effectively
due to a more favorable tax regime and lower labor costs, which is expected to
improve USDS's bottom line.
About US Debt Settlement
Founded in 2003, U.S. Debt Settlement (US4.DE) provides professional debt
settlement solutions to financially troubled consumers throughout the country.
U.S. Debt Settlement specializes in helping those people faced with overwhelming
debt. The Company offers its clients a very practical and effective way to
resolve what they owe credit card companies and other sources of unsecured debt.
Contacts:
U.S. Debt Settlement
Michael Mann, CEO
21625 Prairie Street, 2nd Floor
Chatsworth, CA 91311, USA
Telephone 1-888-831-0888 x 100
mmann(at)usdebtsettlement.com
SCHWARZ Financial Communication
Marc Lakmaaker
Investor Relations
Telephone: +49-611-1745-398-12
lakmaaker(at)schwarzfinancial.com
[HUG#1401185]
Press Release as PDF: http://hugin.info/143076/R/1401185/356295.pdf
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