NEW YORK, Jan. 11, 2011 /PRNewswire/ -- Absolute Life Solutions, Inc. (OTC Bulletin Board: ALSO), a financial services firm focused on the creation of cash liquidity for seniors as well as insurance-industry focused investors, today announced the engagement of Marcum, LLP, as the company's independent auditor.
Commenting on the engagement, Avrohom Oratz, Chief Financial Officer of Absolute Life Solutions, Inc., stated, "As Absolute continues to ramp and expand its operations, the company's requirements for independent audit services are also evolving. Since the changeover to our current New York based operations in June of 2010 we have reported several significant milestones, including the set-up of our operations, the hiring of key staff and completion of an initial component of our financing. In addition, we have identified and purchased attractive policies that we feel will serve as an excellent foundation of our ongoing business. As such we were in search of a firm with the optimal service offerings and capacity to match our accelerated growth and increased level of activity. We believe that Marcum's expertise in our industry makes them an ideal candidate and will serve in the best interests of Absolute and its shareholders. We are looking forward to working with them."
"Dale Matheson Carr-Hilton LaBonte, LLP, our audit firm since the initiation of our operations, is a strong British Columbia based firm and we have been pleased with their hard work and close collaboration. We thank them for their service and look forward to working with them through the transition. Our change of firms was not caused by any disagreement between Absolute Life Solutions, Inc. and Dale Matheson Carr-Hilton LaBonte, LLP," Oratz also stated.
About Life Settlement Transactions:
A life settlement transaction typically occurs when an individual of advanced aged no longer wishes to pay, or is unable to afford, a rising premium payment on their life insurance policies. When faced with the difficult choice of expending diminishing cash resources to make premium payments or simply allowing their policy lapse, the insured senior now has the opportunity to sell the policy for an immediate cash payment. Current life settlement transactions are allowing the individual to receive an average of 8 times the surrender value for an asset that was previous illiquid and those they may have had to abandon. More and more seniors are becoming aware of the potential of these transactions creating a growing supply of policies available for purchase by organization such as Absolute Life Solutions, Inc.
About Absolute Life Solutions, Inc.:
Absolute Life Solutions, Inc. offers a distinctive approach that provides liquidity to seniors while creating a stable alternative asset class for investors. By securing only high-quality policies and employing a proprietary valuation platform and best-in-class portfolio and management techniques, Absolute seeks to optimize an insurance policy's inherent value and minimize risk. For more information about Absolute Life Solutions, Inc., please visit our website at www.absolutels.com.
About Marcum LLP:
Marcum, LLP is one of the largest independent public accounting and advisory services firms in the nation. Ranked 15th among the "Top 25 Firms" by Inside Public Accounting, Marcum offers the resources of more than 1,100 professionals, including more than 150 partners, in 21 offices throughout New York, New Jersey, Connecticut, Pennsylvania, Florida, Massachusetts, California, Hong Kong and Grand Cayman. Marcum is a member of the Marcum Group, the gateway to a group of organizations that provide a variety of professional services including accounting and advisory, technology solutions, recruiting and wealth management. These organizations include Marcum LLP; MarcumRachlin, a division of Marcum LLP; MarcumStonefield, a division of Marcum LLP; Marcum Technology LLP; MarcumBuchanan Associates LLC; Marcum Search LLC and Marcum Financial Services LLC.
For more information about Marcum LLP, please visit their website, www.MarcumLLP.com.
Forward Looking Statements
Some statements in this release may be "forward-looking statements" for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in our public filings with the Securities and Exchange Commission. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. We undertake no obligation to update these forward looking statements.
SOURCE Absolute Life Solutions, Inc.