NEW YORK, March 9, 2004 (PRIMEZONE) -- Exus Global, Inc. (OTCBB:EXGO) today announced that the company has filed an election to become a Business Development Company (BDC) by filing an N-54 Notification with the Securities and Exchange Commission.
In the wake of this election, Exus Global plans to announce a number of acquisitions in the coming months, each of which will be designed to augment the Company's investment portfolio and build shareholder value.
Ike Sutton, CEO of Exus Global, Inc., commented, "We opted to file this election which will allow the Company to be structured in a manner more consistent with the business strategy of Exus Global, Inc. Not only will the Company have the ability to avail itself of the opportunity to raise capital in a more efficient manner, but it will also allow Exus Global to expand its business interests to include a number of existing, revenue-generating companies. The planned acquisitions will be made with the primary purpose of strengthening the Company's investment portfolio and providing greater value to the Company's shareholders through the acquisition of companies with proven track records, sustainable cash flow and that are positioned for long-term growth."
Business Development Company (BDC) regulation was created in 1980 by Congress to encourage the flow of public equity capital to small businesses in the United States. BDCs, like all mutual funds and closed-end funds, are regulated by the Investment Company Act of 1940. BDCs report to shareholders like traditional operating companies and file regular quarterly and annual reports with the Securities and Exchange Commission. BDCs are required to make available significant managerial assistance to their portfolio companies.
About the Company
Exus Global, Inc. has filed an election to become a Business Development Company, pursuant to Section 54 of the Investment Company Act of 1940. The Company's core focus will be to invest in synergistic businesses in the area of Distant Education, delivered via a combined satellite and terrestrially based network in order to build capital appreciation and shareholder value in Exus Global's investment portfolio. These anticipated subsidiaries do business in emerging markets to a diverse client base that includes medium to large multi-national businesses, universities, Internet service providers and government agencies.
All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of Exus Global, Inc. are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond Exus Global, Inc.'s control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially depending on many factors, including those described above. Exus Global, Inc cautions that historical results are not necessarily indicative of the future performance.