SPRINGFIELD, Mo., Sept. 25 /PRNewswire-FirstCall/ -- Freedom Financial Group, Inc. (BULLETIN BOARD: FFGR) announced today that effective immediately, the Company will no longer purchase auto receivable notes from any of its several hundred dealer relationships in the Midwest.
President/CEO Jerry Fenstermaker said he is very disappointed that the commercial banks are so unwilling to support this Company during a period where the Company is performing well and providing credit to used car dealers and their customers among working class Americans. He noted that current credit lines mature in January, 2010.
The Company has signed a Letter of Intent to eventually sell most of its auto receivables if it fails to secure new credit lines. Management is making every effort to retain shareholder value in the meantime.
For additional information regarding the Letter of Intent referred to above, please see the Form 8K FFG filed with the SEC on September 22, 2009.
Freedom Financial Group, Inc. 3058 East Elm St. Springfield, MO. 65802 417-886-6600 x201
Freedom Financial Group, Inc.
CONTACT: Freedom Financial Group, Inc., +1-417-886-6600, ext. 201
Web Site: http://www.ffgrp.net/