GVC Venture Corp. made a formal announcement of its recent acquisition of financial services holding company Halo Group Inc. in Allen, Texas, which was effective September 30, 2009.
The acquisition will enable GVC to provide consumers with financial solutions as the company takes advantages of Halo’s nationwide financial services. Through its nine subsidiaries, Halo offers mortgage brokerage, real estate representation and insurance protection, as well as financial distress assistance.
“We believe Halo’s completely integrated group of companies is the only one of its kind in the industry today. Our position in the market provides a compelling opportunity during these troubling economic times. We are prepared to meet this challenge head on and assist the consumers with their financial needs,” Cade Thompson, chairman and CEO of GVC stated in the press release.
According to the company, Halo common shareholders were issued a special class of GVC preferred stock. If all presently outstanding stock were converted and options exercised, Halo shareholders prior to the merger would own about 96 percent of the common shares of GVC.
For Halo, the reverse merger means the company will now have access to capital funds needed to continue its growth patterns.
“We are thrilled at the completion of this transaction,” Paul Williams, vice chairman and CFO of GVC stated. “This merger is the result of a lot of hard work on behalf of all parties involved and the strongly held belief our investors and employees had in this project. We deeply appreciate the hours and the dedication invested by all to make this happen.”
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