U.S. Debt Settlement Press Release
The Acquisition included a cash payment, stock, and an earn out for the previous owners. It is estimated that an additional $1,000,000 of booked revenue over the next 12 months will be the net result of the acquisition. ADC, located in Grapevine, Texas, has 19 employees, 1,500 active clients and approximately $50,000,000 of debt under management. U.S. Debt Settlement will use this as the nucleus of its Midwest operations.
Michael Mann, CEO for US Debt Settlement, stated, “We are deploying an aggressive growth by acquisition strategy, of which the deal with ADC is only one element. By acquiring other companies, we not only grow our revenues, but we also add experienced talent and valuable databases of existing and potential customers, to whom we can market additional services. This creates a strong backend foundation that we expect will accelerate our organic growth rate significantly. I look forward to updating our shareholders regularly on further acquisitions and other material events.”
Management has decided to keep the ADC business in tact and consolidate its Texas activities into ADC’s existing infrastructure. USDS has several other acquisitions pending in Texas, which, upon completion, will be rolled into the organization there.
USDS is furthermore assessing the benefits of a move of the Company’s California-based assets to Texas, where they could operate more cost effectively due to a more favorable tax regime and lower labor costs, which is expected to improve USDS’s bottom line.
U.S. Debt Settlement
Michael Mann, CEO
21625 Prairie Street, 2nd Floor
Chatsworth, CA 91311, USA
Telephone 1-888-831-0888 x 100