Amstar International, Inc. Acquired by Premier Organic Farms Group, Inc.
The acquisition results in Amstar's stockholders in control of 96.12% of the company post merger with each Amstar stockholder to receive one share for each share owned in the new company.
30/10/06 Premier Organic Farms Group, Inc. announced the signing of a Definitive Share Exchange Agreement to acquire 100% of the stock of Amstar International, Inc. (Amstar), a Houston, Texas based holding company primarily focused upon the financial and insurance industries. The acquisition results in Amstar's stockholders in control of 96.12% of the company post merger with each Amstar stockholder to receive one share for each share owned in the new company.
Closing is anticipated within the next thirty days and is subject to the conducting of a Fairness Hearing by a court of law in Nevada, its state of origin.
Amstar's major subsidiary is Amstar Mortgage Corporation, a national mortgage banking and brokering company with approximately 750 employees operating in 31 states and the District of Columbia with 146 retail branch offices as of July 13, 2006. Amstar Mortgage Corporation began operations in October 2002 with less than $300,000 in capital, but grew rapidly to close over 1.1 billion dollars in loans for calendar year 2004 and over 2.2 billion dollars in loans for the calendar year 2005. Amstar closed $2,176,657,448 in mortgage loans in fiscal year 2005 with gross revenue for its fiscal year-end, ending September 30, 2005 of $58,592,331 verses $27,563,915 in 2004 and $6,396,052 in 2003. For the 9 month period ending June 30, 2006, Amstar had $37,421,421 in gross revenue and closed over $1,350,202,874 mortgage loans.
