EquiFin, Inc, has announced the signing of a non-binding letter of intent to acquire Celtic Capital Corporation, a privately held asset-based finance company based in Santa Monica, California. The acquisition of Celtic, combined with EquiFin's current asset-based loan activities, would create a nationwide enterprise that provides asset-based credits from US$200,000 to US$3m to the small business concern. The proposed transaction is subject to approval by EquiFin's stockholders, the raising by EquiFin of US$2m and the successful completion of due diligence by each company and is expected to be included in a definitive acquisition agreement within 30 to 45 days.
