Northern, WI 6/20/12 (StreetBeat) -- Forum National Investments Ltd. (OTCBB:FMNL) ("FORUM") announced today that FORUM and Aliya LifeSpan LLC ("ALIYA") have executed a Letter of Intent for the purpose of a merger.
After several months of discussion and negotiations, FORUM and ALIYA have a signed Letter of Intent that embodies the spirit and framework of a merger structure that is acceptable to both companies. It is expected that the final agreement will be forthcoming in the next few weeks and it will be subject to the approval of FORUM shareholders at the company's Annual General Meeting which will occur in early August 2012.
"We have taken another exciting step forward towards a final agreement that is expected to be presented to our shareholders for their approval," said Dan Clozza, CEO of FORUM.
ALIYA COO Robert Benson stated, "It has become clear to us that these enterprises, as a combined entity, will greatly enhance our ability to raise substantial on-going equity capital and/or to make desired acquisitions, and that the combined entity would have a value considerably higher, in both the short and the long term, than a collective of the entities would have on an individual basis."
Forum National Investments Ltd. (http://www.foruminvestments.com/) is a publicly held company currently trading on the OTCBB since 1998 under the symbol FMNL. The company's Life Settlement operations in the United States are conducted through its wholly owned subsidiary, The American Life Settlements (ALSS), http://www.thealss.com/.
Aliya LifeSpan™, LLC is a broad based financial asset management firm who specializes in Life Settlements and Life Settlement structured financial products. Aliya LifesSpan™ specializes in utilizing senior life insurance settlement policies, or more commonly known as "Life Settlements", as the asset basis for a variety of investment strategies, which we believe avoids many of the pitfalls of traditional investment classes. Life Settlements are an anomaly in today's investment environment. Life Settlements are not tied to any traded market such as stocks, bonds, foreign currency, or any political, economic or real estate calamity. We have created products for both individuals and institutions by leveraging the unique elements found in Life Settlements which ultimately eliminates many of the potential shortcomings of many other investment classes.
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