Scrip Advantage Assets Foreclosed
FRESNO, Calif., May 26 /PRNewswire/ -- Scrip Advantage, Inc. (SAI), a publicly-traded California corporation that previously announced (April 6, 2006) that it was temporarily ceasing operations, today announced that the secured creditors have exercised their legal rights and foreclosed on the operating assets of the company.
The remaining assets of the company are a series of potentially valuable security claims related to unfunded subscription agreements. The board of directors negotiated funding from the secured creditors for legal counsel to research the value of these claims. SAI is now pursuing those claims for the benefit of the company by retaining a respected attorney experienced in such cases. The evaluation has begun and SAI will report back to the creditors and shareholders as the case progresses.
About Scrip Advantage, Inc.
Scrip Advantage, Inc ("SAI") is a California corporation headquartered in Fresno, California. SAI is a specialized marketing company. Its primary business is the sale of gift certificates at a discount to face value to non profit organizations, primarily parochial schools and sports leagues, for their fundraising efforts. SAI launched in February 1999 and exhibited a compound annual growth rate of 90% from June 2000 through 2004 when its annualized revenue approached $200 million.
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward- looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward- looking statement.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward looking statements. In some cases, you can identify forward looking statements by terminology such as "may," "will," "should," "could," "intend," "expects," "plan," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. 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. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements.
Scrip Advantage, Inc.
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