M Line Holdings, Inc. Announces Letter of Intent to Acquire Money Line Capital, Inc.

Mon Jul 6, 2009 7:23pm EDT
 
[-] Text [+]
Shareholders of Money Line Capital, Inc. Will Acquire Controlling Interest
IRVINE, Calif.--(Business Wire)--
M Line Holdings, Inc., today announced that the company has signed a binding
Letter of Intent to acquire Money Line Capital, Inc., a privately held
California corporation that specializes in business financing transactions and
holds equity in a number of operating subsidiaries in various fields, including
financing, aerospace, real estate, media, beverage, and technology. The holders
of a majority of Money Line Capital`s common stock are also officers and
directors of M Line Holdings, Inc. The transaction will be structured as a share
exchange with all the shareholders of Money Line Capital, Inc. exchanging their
shares for shares of M Line Holdings, Inc. The parties plan to enter a
definitive Share Exchange Agreement on or about December 1, 2009 and close the
transaction on or before January 29, 2010. 

The Letter of Intent is predicated on M Line Holdings being both current in its
reporting obligations under the Securities and Exchange Act of 1934, as amended,
and being publicly traded at the time of closing, and Money Line Capital having
its financial statements (and its subsidiaries, as applicable) audited for the
period ended June 30, 2009 and completing a valuation by a qualified independent
third-party company. 

"We are very excited at the prospect of combining forces with Money Line
Capital.We believe this will give us an entry into markets and opportunities not
currently available to us, opening the possibility of a new era of growth for M
Line Holdings.We believe this transaction will add value for our current
shareholders," said George Colin, Chief Executive Officer of M Line Holdings,
Inc.

"Synergies between our current subsidiaries and M Line Holdings' subsidiaries
provide an opportunity for a more prosperous future.We are confident that the
transaction will please the stakeholders in both companies," stated Jitu Banker,
President of Money Line Capital, Inc.

M Line Holdings, Inc. (formerly Gateway International Holdings, Inc.) is
currently a reporting company under the Securities and Exchange Act of 1934, as
amended, with approximately 600 shareholders and two operating subsidiaries. One
subsidiary, Eran Engineering, Inc. manufactures and assembles precision parts
and systems for the commercial aviation, defense, medical device, recreational
vehicle, computer hardware and automotive industries. The other subsidiary, EM
Tool Company, Inc., dba Elite Machine Company, is a dealer of pre-owned computer
numerically controlled (CNC) machine tools. M Line Holdings discontinued
operations and closed a third subsidiary, All American CNC Sales, Inc., on June
30, 2009. All American sold new CNC machine tools and provided parts and service
for Fadal CMC machine tool equipment. The officers and directors of M Line
Holdings are also the majority shareholders and management of Money Line
Capital, Inc. 

Money Line Capital, Inc. is a business financing corporation and holding company
with equity in operating subsidiaries in financing, aerospace, real estate,
media, beverage and technology, including a 52% interest in M Line Holdings,
Inc. 

M Line Holdings is headquartered at 2672 Dow Avenue, Tustin, CA 92780. Money
Line Capital is headquartered at 17702 Mitchell North, Suite 201, Irvine, CA
92614. 





for M Line Holdings, Inc.
Gary Douglas, 949-464-9301
Cell: 310-592-3049
gary@DouglasStrategic.com



Copyright Business Wire 2009

 

Featured Broker sponsored link

Editor's Choice

A selection of our best photos from the past 24 hours.  Slideshow 

Most Popular on Reuters

  • Articles
  • Video