CARLSBAD, Calif., March 20, 2012 (GLOBE NEWSWIRE) -- Sharewell Capital Group, Inc. (OTC:SHCG) ("Sharewell or the "Company") announced today that it has acquired an option, and exercised a portion of the option to purchase a strategic minority interest in COR Securities Holdings Inc. ("COR Securities"), the parent company of Legent Clearing. The terms of the option allow Sharewell to invest up to $2,000,000 over a twelve-month period at a fixed price per share.
COR Securities owns 100% of Legent Clearing, one of the last truly independent clearing firms in the United States. With over 70 correspondent broker/dealers, Legent provides a full range of clearing and custodial services for broker dealers and registered investment advisors.
Commenting on this transaction Oso Neal, CEO stated, "We continue to execute on our strategy to develop a portfolio of cash flow position financial service investments that position us to benefit from niche penetration within the sector. We believe that this position in COR Securities demonstrates the ability of Sharewell to be a strong strategic partner to growth oriented financial services firms. While certain aspects of the clearing business have been squeezed over the past 3 years, we believe that a pure clearing firm is a dying breed. The recent enhancements to Legent's team and its business plan have convinced us of the significant upside potential of our investment. We also believe that the clearing platform can provide certain strategic synergies across our other portfolio investments now and in the future."
Background on Sharewell Capital Group, Inc.
Sharewell Capital Group, Inc. ("Sharewell") is a publicly-traded holding company focused on acquiring controlling interests and making strategic investments in undervalued assets with significant growth potential. Sharewell is headquartered in San Diego, California, and is publicly-traded under the symbol SHCG. Sharewell was organized in December of 2010, and is embarking on an aggressive business plan to raise permanent capital, conduct extensive diligence and sign letters of intent with initial target acquisitions, in order to build a portfolio of companies and assets with the potential to create significant shareholder equity over time. Our aim is to maximize the growth and profitability of our portfolio companies and strategic investments, and hold or exit as deemed prudent for our shareholders.