|By PR Newswire||
|February 24, 2014 05:15 PM EST||
IRVINE, Calif., Feb. 24, 2014 /PRNewswire/ -- Capstone Financial Group, Inc. (OTCBB: CAPP) ("Capstone"), an investment and merchant banking group, announced that on February 19, 2014 it has executed a binding Letter of Intent (LOI) to acquire a national independent broker-dealer and RIA, Chairman and CEO Darin Pastor announced today. The company is based in California and completion of the acquisition is expected in early 2014, upon approval of FINRA.
The firm has also withdrawn a Rule 1017 Continuing Membership Application submitted earlier this year to FINRA, and will not further pursue its previously-announced plan to purchase an independent broker-dealer and RIA based in the New York metropolitan region. Negotiations fell through after Capstone and the seller could not reach agreement in key areas.
"After some review, our Board of Directors and management team unanimously agrees that our longer-term needs will now be better served by focusing on other acquisition targets," said Darin Pastor, Chairman and Chief Executive Officer.
About Capstone Financial Group, Inc.
Capstone Financial Group, Inc. (CAPP) is a financial services-related firm headquartered in Irvine, Calif. Founded in 2013 by Chairman and Chief Executive Officer Darin Pastor, the company includes wholly-owned subsidiary Capstone Affluent Strategies. The firm's executive management team consists of leaders who have more than 100 collective years of experience in wealth management and investment banking, with a thorough understanding of clean technology and industrial growth, capital raising services concerning municipal government interests, private placements, and public offerings of corporate debt and corporate equity. For more information, visit www.capstonefinancialgroupinc.com.
Statements in this press release relating to Capstone Financial Group, Inc.'s future plans, expectations, beliefs, intentions and prospects, such as the company's ability to close the acquisition, FINRA's approval, or any perceived benefit from the proposed acquisition, are "forward-looking statements" and are subject to material risks and uncertainties. When used in this press release, the words "will," "future," "expect," "look forward to," similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Capstone Financial Group, Inc. that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. All information set forth in this press release is current as of February 24, 2014. Capstone Financial Group, Inc. undertakes no duty to update any statement in light of new information or future events.
SOURCE Capstone Financial Group, Inc.