Exhibit 99.1
FOR IMMEDIATE RELEASE
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FIRSTPLUS FINANCIAL GROUP, INC.
ACQUIRES ASSETS OF RUTGERS INVESTMENT GROUP, LLC
July 23, 2007
IRVING, Texas, /PRNewswire/ -- FIRSTPLUS Financial Group, Inc. (the "Company")
(Pink Sheets: FPFX.PK) announced today that it has purchased substantially all
of the assets of Rutgers Investment Group, LLC related to its commercial and
consumer lending business. The purchase price consisted of a cash payment of
$1,825,000 and 500,000 shares of the Company's common stock, the closing price
of which on Friday, July 20, 2007 was $0.18 per share. The Company also agreed
to assume certain specified liabilities of the seller.
"We are excited about the acquisition of the Rutgers' commercial and consumer
lending business. We expect that the Rutgers business will be synergistic with
additional forthcoming acquisitions and a key component of the Company's future
success," said John Maxwell.
Rutgers has retained an independent consultant to facilitate its applications in
14 states for licensure as a mortgage banker. It anticipates that it will
provide first and second mortgage loans, construction and hard money loans,
international letters of credit and equity and credit lines. Pending the
completion of licensure in a state in which application has been made, Rutgers
will act as a broker for licensed lenders.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of the "safe
harbor" provisions under Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995. The Company
uses forward-looking statements in its description of its plans and objectives
for future operations and assumptions underlying these plans and objectives, as
well as in its expectations, assumptions, estimates and projections about the
Company's business and industry. These forward-looking statements involve risks
and uncertainties. The Company's actual results could differ materially from
those anticipated in such forward-looking statements as a result of certain
factors as more fully described in this report.
Forward-looking terminology includes the words "may", "expects", "believes",
"anticipates", "intends", "projects" or similar terms, variations of such terms
or the negative of such terms. These forward-looking statements are based upon
the Company's current expectations and are subject to factors and uncertainties
which could cause actual results to differ materially from those described in
such forward-looking statements. The Company expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this report to reflect any change in its
expectations or any changes in events, conditions or circumstances on which any
forward-looking statement is based.
