Abacus Settlements, LLC (d/b/a Abacus Life) and Longevity Market Property, LLC (collectively “Abacus” or the “Firm”), a number one purchaser of life insurance coverage insurance policies and vertically built-in different asset supervisor specializing in specialty insurance coverage merchandise, as we speak introduced that Abacus CEO Jay Jackson will likely be a keynote speaker on the Fasano Longevity Convention sharing his insights on The State of the Life Settlement Market. The Fasano Longevity Convention will likely be held on November 7, 2022 in Washington D.C.
The Fasano Convention is a time environment friendly, one-day occasion that covers probably the most present and related subjects affecting the longevity markets and has been favored by the funding and monetary group. This yr’s Fasano Convention will cowl life settlement, structured settlement and threat switch markets whereas additionally presenting some groundbreaking medical analysis and well timed political insights.
As introduced on August 30, 2022, Abacus has entered right into a definitive enterprise mixture settlement with East Sources Acquisition Firm (NASDAQ: ERES), a particular goal acquisition firm, that’s anticipated to lead to Abacus changing into a publicly listed firm. Completion of the enterprise mixture is topic to customary closing situations.
Abacus is a number one vertically built-in different asset supervisor specializing in life insurance coverage merchandise. Since 2004, the Firm has bought life insurance coverage insurance policies from customers in search of liquidity and has actively managed these insurance policies over time (through buying and selling, holding, and / or servicing). With over $2.9 billion in face worth of insurance policies bought, Abacus has helped 1000’s of purchasers maximize the worth of life insurance coverage.
Over the previous 18 years, the Firm has constructed an institutionalized origination and portfolio administration course of that’s supported by a 59-person staff, long-term relationships with 78 institutional companions and 30,000 monetary advisors, and the flexibility to function in 49 states. The Firm has serviced roughly $950 million in insurance policies and has managed property for giant asset managers and third-party funding funds. Abacus has underwritten and valued roughly $520 million of insurance policies on behalf of third events.
Abacus’ management staff averages 20+ years of expertise and have been innovators for the reason that life settlements business’s inception within the mid-90s.
The Firm is a proud member of the Life Insurance coverage Settlements Affiliation (LISA) and complies with HIPPA and privateness legal guidelines to keep up and defend confidentiality of monetary, well being, and medical data. Abacus can also be proud to be a BBB Accredited Enterprise with an A+ score.
About East Sources Firm
East Sources Acquisition Firm, led by Terrence M. Pegula, is a clean verify firm fashioned for the aim of getting into right into a merger, capital inventory change, asset acquisition, inventory buy, reorganization or related enterprise mixture with a number of companies in North America.
This communication comprises sure forward-looking statements inside the that means of the federal securities legal guidelines with respect to the transaction, together with statements concerning the anticipated advantages of the transaction, the anticipated timing of the transaction, the longer term monetary situation and efficiency of Abacus and anticipated monetary impacts of the transaction (together with future income and professional forma enterprise worth) and the platform and markets and anticipated future progress and market alternatives of Abacus. These forward-looking statements usually are recognized by the phrases “consider,” “predict,” “mission,” “anticipate,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “scales,” “consultant of,” “valuation,” “potential,” “alternative,” “plan,” “might,” “ought to,” “will,” “would,” “will likely be,” “will proceed,” “will possible end result,” and related expressions or the negatives of those phrases or variations of them. Ahead-looking statements are predictions, projections and different statements about future occasions which can be based mostly on present expectations and assumptions and, in consequence, are inherently topic to dangers and uncertainties. These ahead‐wanting statements are supplied for illustrative functions solely and are usually not meant to function, and should not be relied on by any investor as, a assure, an assurance, a prediction or a definitive assertion of truth or likelihood. Precise occasions and circumstances are past ERES’s or Abacus’s management, are tough or unattainable to foretell and will differ from assumptions. Many elements may trigger precise future occasions to vary materially from the forward-looking statements on this communication, together with however not restricted to: (i) the chance that the transaction will not be accomplished in a well timed method or in any respect, which can adversely have an effect on the worth of ERES’s securities, (ii) the chance that the transaction will not be accomplished by ERES’s enterprise mixture deadline and the potential failure to acquire an extension of the enterprise mixture deadline if sought by ERES, (iii) the failure to fulfill the situations to the consummation of the transaction, together with the requisite approvals of ERES’s stockholders and Abacus’s house owners, the satisfaction of the minimal mixture transaction proceeds quantity following any redemptions by ERES’s public stockholders and the receipt of sure governmental and regulatory approvals, (iv) the dearth of a 3rd occasion valuation in figuring out whether or not or to not pursue the transaction, (v) the incidence of any occasion, change or different circumstance that might give rise to the termination of the merger settlement referring to the transaction, (vi) the impact of the announcement or pendency of the transaction on Abacus’s enterprise or worker relationships, working outcomes and enterprise usually, (vii) the chance that the transaction disrupts present plans and operations of Abacus, (viii) the chance of difficulties in retaining workers of Abacus on account of the transaction, (ix) the result of any authorized proceedings that could be instituted in opposition to Abacus or in opposition to ERES associated to the merger settlement or the transaction, (x) the flexibility to keep up the itemizing of ERES’s securities on a nationwide securities change, (xi) adjustments within the aggressive industries during which Abacus function, variations in working efficiency throughout rivals, adjustments in legal guidelines and rules affecting Abacus’s enterprise and adjustments within the mixed capital construction, (xii) the flexibility to implement enterprise plans, forecasts, and different expectations after the completion of the transaction, and the flexibility to determine and understand further alternatives, (xiii) dangers associated to the uncertainty of Abacus’s projected monetary data, (xiv) present and future situations within the international financial system, together with on account of the affect of the COVID-19 pandemic, (xv) the chance that demand for Abacus’s life settlement and associated choices doesn’t develop as anticipated, (xvi) the flexibility of Abacus to retain present clients and appeal to new clients, (xvii) the potential incapability of Abacus to handle progress successfully, (xviii) the potential incapability of Abacus to develop its market share of the life settlement business or to realize efficiencies concerning its working mannequin or different prices, (xix) damaging tendencies within the life settlement business impacting the worth of life settlements, together with will increase to the premium prices of life insurance coverage insurance policies, elevated longevity of insureds, and errors within the methodology and assumptions of life expectancy stories, (xx) authorized challenges by insurers referring to the validity of the origination or project of sure life settlements, (xxi) the enforceability of Abacus’s mental property rights, together with its emblems and commerce secrets and techniques, and the potential infringement on the mental property rights of others, (xxii) Abacus’s dependence on senior administration and different key workers, (xxiii) the chance of downturns and a altering regulatory panorama within the business during which Abacus operates, and (xxiv) prices associated to the transaction and the failure to comprehend anticipated advantages of the transaction or to comprehend estimated professional forma outcomes and underlying assumptions, together with with respect to estimated stockholder redemptions. The foregoing record of things just isn’t exhaustive. Nothing on this communication ought to be thought to be a illustration by any person who the forward-looking statements set forth herein will likely be achieved or that any of the contemplated outcomes of such forward-looking statements will likely be achieved. It is best to fastidiously take into account the foregoing elements and the opposite dangers and uncertainties which will likely be extra totally described within the “Threat Components” part of the proxy assertion mentioned beneath and different paperwork filed by ERES infrequently with the SEC. These filings determine and handle different vital dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers of this communication are cautioned to not put undue reliance on forward-looking statements, and Abacus and ERES assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not on account of new data, future occasions, or in any other case. Neither Abacus nor ERES offers any assurance that any of Abacus or ERES, or the mixed firm, will obtain expectations.
Further Data In regards to the Proposed Transaction and The place to Discover It
This communication pertains to the proposed transaction between ERES and Abacus. In reference to the proposed transaction, ERES has filed with the SEC a preliminary proxy assertion on Schedule 14A (the “proxy assertion”). ERES will even file different paperwork concerning the transaction with the SEC. Earlier than making any voting choice, buyers, safety holders and different individuals of ERES and Abacus are urged to learn the proxy assertion (together with all amendments and dietary supplements thereto), which is presently out there, and all different related paperwork filed or that will likely be filed with the SEC in reference to the transaction as they turn into out there as a result of they are going to comprise vital details about the transaction. Buyers, safety holders and different individuals will have the ability to acquire free copies of the proxy assertion and all different related paperwork filed or that will likely be filed with the SEC by ERES via the web site maintained by the SEC at www.sec.gov. The paperwork filed by ERES with the SEC additionally could also be obtained freed from cost upon written request to ERES at 7777 NW Beacon Sq. Boulevard, Boca Raton, Florida.
Contributors within the Solicitation
ERES, Abacus and their respective administrators and govt officers could also be deemed to be individuals within the solicitation of proxies from ERES stockholders in reference to the transaction. A listing of the names of such administrators and govt officers and knowledge concerning their pursuits within the transaction are or will likely be contained within the proxy assertion when out there. You could find extra details about ERES’s administrators and govt officers in ERES’s Annual Report on Type 10-Ok for the yr ended December 31, 2021, which ERES filed with the SEC on June 22, 2022. Chances are you’ll acquire free copies of those paperwork as described within the previous paragraph.
No Provide or Solicitation
This communication doesn’t represent a suggestion to promote or change, or the solicitation of a suggestion to purchase or change any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction during which such provide, solicitation, sale, or change can be illegal previous to registration or qualification below the securities legal guidelines of any such jurisdiction. No providing of securities shall be made besides by way of a prospectus assembly the necessities of part 10 of the Securities Act, or an exemption therefrom.
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