Kingsmill Capital terminates agreement with Universal Settlements

Mon. August 18, 2008; Posted: 05:00 AM

Aug 18, 2008 (Datamonitor via COMTEX) -- KCV/P | Quote | Chart | News | PowerRating -- Kingsmill Capital Ventures and Universal Settlements International have mutually terminated the asset purchase agreement for the former to acquire a portfolio of life insurance policies from the latter.

A preliminary prospectus had been filed in April 2008 to both qualify the transaction and to raise capital for the resulting issuer.

Kingsmill Capital said that as a result of a number of complex issues which arose during the review process, it was determined, after consultation with legal counsel, Universal Settlements International (USI) and Jones Gable & Company, agent on the prospectus, that there was insufficient time and resources available to Kingsmill to resolve these issues and clear the prospectus.

In the interests of shareholders, the directors of Kingsmill decided to terminate the transaction and withdraw the prospectus to preserve the remaining cash within Kingsmill and ensure sufficient time to source another qualifying transaction. There are no outstanding loans or advances between Kingsmill and USI as a result of the termination, said Kingsmill.

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