My news for Investors

AtLeast one of the check box should be selected You are following news about Follow the latest news about FFGR

SPRINGFIELD, Mo., Dec. 1 /PRNewswire-FirstCall/ -- Freedom Financial Group, Inc. (OTC Bulletin Board: FFGR) announced that at the special stockholder's meeting held today, over 64% of the approximately 20 million outstanding shares voted in favor of the Company selling essentially all of it receivables to American Credit Acceptance, LLC. Less than 5% of the outstanding shares voted against the proposition. The sale is expected to close before December 15, 2009 at a purchase price of approximately $14,650,000.

By a similar vote, the stockholders also approved a proposal to dissolve and liquidate the Company, using the proceeds from the asset sale to pay off a $9.5 million loan from Remark Lending Co., an affiliate of Goldman Sachs, make provision for all other obligations of the Company and distribute the remainder. The Company anticipates that shareholders will receive between $0.17 and $0.21/share in liquidating distributions over a 3 year period. Winding down the operations of the Company in the six Midwestern states in which it conducts business should be substantially complete in six months.

President/CEO Jerry Fenstermaker said: "I am very disappointed that, during a period when the Company was performing well and providing needed credit to used car dealers and the working-class Americans who are their customers, we were not able to locate a commercial bank or other lender willing to support the Company so that it could continue as a going concern."

Freedom Financial Group, Inc.
3058 East Elm St.
Springfield, MO. 65802
417-886-6600 x201

SOURCE Freedom Financial Group, Inc.

RELATED LINKS
http://www.ffgrp.net