YONKERS, N.Y., March 12, 2007 (PRIME NEWSWIRE) -- GSI Securitization (Pink Sheets:GSIEF) announced today that it executed a letter with Comprehensive HealthCare Solutions (OTCBB:CMHS) in which CMHS will purchase all of the issued and outstanding shares of GSI Securitization, Inc. The acquisition is subject to the finalization of terms of a definitive reverse acquisition agreement which is currently being negotiated by the companies. It is the intent of both parties to execute such agreement by March 15, 2007. GSI is currently involved in the business of financing medical receivable acquisitions.
On January 23, 2007, GSI announced that it had signed a definitive agreement with Silar Advisors, LP to form a strategic alliance for the purpose of financing and servicing medical receivable acquisitions. Pursuant to the strategic relationship, Silar will provide the capital for GSI which will put GSI in a position to significantly expand its customer base which should have a positive impact on future earnings. Both GSI and Silar have broad based experience in receivable valuations, acquisitions, financing, servicing, collections and other investment opportunities. GSI is also involved in negotiations with a number of medical institutions to purchase their patient receivables.
In analyzing the benefits of this merger and the overall effect of these series of transactions, Gunther Slatyton CEO of GSI reiterated, "We are looking forward to a long-term mutually profitable relationship with Silar Advisors and significant growth with our strategic relationship partner."
Forward-Looking Statements
Statements released by GSI Securitization, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.