NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC Pink:WSML) (“WSML” or the “Company”) is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of True Life Capital Microfinance Limited, a Ghana-based microfinance firm, in an all-stock transaction subject to the approval by both companies of definitive documents and approval by the Bank of Ghana (“BOG”) as regulator, as well as the achievement of certain other milestones including increasing its capital raise and converting to a savings and loan institution.
The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced two months ago. If consummated, WSML will, through a local wholly owned subsidiary, own 100% of the outstanding shares of True Life Capital Microfinance Limited. The due diligence process has already started, and if it is proven to be satisfactory, the transaction is expected to close in August.
Kent Clark, Chairman & CEO of Williamsville Sears Management Inc., stated, “Our aim in acquiring True Life Capital Microfinance and converting into a big savings and loans bank is in line with that component of our corporate vision for socially conscious, foreign investment. By picking a company focused on bottom-up impact on society, we seek to address eight of the seventeen goals of the 2030 Sustainable Development Goals aimed at achieving maximum benefit to the communities in which we invest, these include:
- SDG1 eradicating poverty;
- SDG 2 ending hunger, achieving food security and promoting sustainable agriculture;
- SDG 3 on profiting health and well-being;
- SDG 5 on achieving gender equality and economic empowerment of women;
- SDG 8 on promoting economic growth and jobs;
- SDG 9 on supporting industry, innovation, and infrastructure;
- SDG 10 on reducing inequality;
- SDG 17 on strengthening the means of implementation with the implicit role for greater financial inclusion through greater savings mobilization for investment and consumption to spur growth.
The Team here at Williamsville Sears Management Inc are looking very forward to bringing True Life Capital Microfinance Limited on-board as soon as possible. This entity continues to broaden our diverse portfolio as WSML continues to build towards a stronger future for our WSML Shareholders and the Communities which we serve."
According to the UNCDF in a McKinsey Global Institute report, $3.7 trillion can be added to the GDP of emerging economies within a decade through fintech and as an example, Kenya’s M-PESA has lifted the bottom 2% of the Kenyan population out of poverty, improving the economic lives of poor women and of members of female-headed households.
True Life Capital Microfinance as a savings and loan institution will be positioned to address the financial inclusion of millions of African citizens by creating stable financial systems, the opportunity for savings, credit, insurance, payments and remittance aimed at the excluded, the underbanked, micro, small, and medium enterprises, at a reasonable cost, and on sustainable basis. Women will be targeted to improve positive economic outcomes, increase productivity, profits and greater investment in their businesses as well as prevent the sale of assets as a result of health emergencies, the loss of a spouse and stabilize their incomes in times of economic shock.
Cornelius Ganyaglo, CEO of True Life Capital Microfinance Limited stated, “I have worked hard over the years at great personal sacrifice to assist my community in addressing their needs and the time has come for the next person in the relay to take the baton and proceed to the finish line as society will be the better for it. I am grateful to Nelike Capital for its partnership with Palewater Advisory for having provided this opportunity for the expansion of the business.”
About Williamsville Sears Management Inc.
Williamsville Sears Management is a diversified holding corporation that was formed by Mandla J. Gwadiso. The group operates its own assets through a range of subsidiary companies under its purview. The group’s primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.
Williamsville Sears Management actively seeks a select portfolio of high-calibre strategic subsidiaries which it acquires based on market trends and their ability to deliver strong returns to shareholders whilst enhancing the communities in which the investments are located. http://www.williamsville.us/
About True Life Capital Microfinance Ltd
TRUE LIFE CAPITAL [TLC] Microfinance Ltd was incorporated in April 2012 and provides comprehensive financial solutions and advisory services. We apply market-based principles to support micro enterprises and entrepreneurs by making credit facilities available to finance the growth of their businesses, encourage savings culture through provision of unique savings schemes and ensuring that every client we serve has an access to basic financial services irrespective of their status in society. True Life Capital’s core business is deposit mobilisation and granting of loans to individual, micro and small enterprises.
We are also dynamic in our approach to business and operate within the framework of shared integrity. Working as a team, we deliver superior products and services to our valued clients. We emphasize strong customer relationships and a high level of community involvement.
We have in our repertoire a wide range of products and services to cater for all the segments of the market. We undertake extensive market research to ensure the relevance of our offerings at all times. TLC Microfinance Ltd incorporates some level of flexibility at the product development stage to help us customize solutions to meet each individual customer’s needs.
Our commitment is the same in every segment we operate in, to exceed our customers expectations and ensure they achieve their set goals and objectives. As such we promote a customer-centric culture. Each of us is passionate about the customers we serve and so we put the customer at the heart of everything we do. At TLC Microfinance, Customer Care is an attitude, a way of life and our reason for being. http://www.tlcmghana.com/
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Cautionary Note:
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.