Private Trading Systems reports Admiral Asset contract
28 July 2006 | 2125 views | 0
Source: Private Trading Systems
Private Trading Systems, Inc. (Pink Sheets:PVTM) has signed a Trading Services Agreement with the Admiral Asset Group, Inc. of New York City.
The Company is to provide trading facilities on its PETS exchange platform, when approved, for Admiral Asset Group's Life Insurance Policies Settlement securities. PETS will trade the financial instruments in electronic form allowing for instantaneous clearance and settlement in real time.
The Trading Services Agreement runs for a period of three years and covers successive traunches of the Securities, when and if issued. The first traunch is expected to have an aggregate face value of $100 million.
The Admiral Asset Group securities being contemplated will be dematerialized into electronic form under a separate agreement with Dematco Limited, a UK company, and its joint venture partner Societe Bancaire Privee SA of Geneva, Switzerland. Together, Dematco and Societe Bancaire Privee provide dematerialization services to Private Trading Systems under arrangements which complement the Company's straight-through PETS processing system.
Mr. C. Austin Burrell, Chairman and CEO of Private Trading Systems states, "This Agreement marks a breakthrough for our PETS system and will demonstrate the efficiency of our proprietary process. We are delighted that Admiral Asset Group has come aboard. And, I am particularly pleased that we have been able to cement our arrangements with Dematco and Societe Bancaire Privee SA, allowing us to handle significant volumes of securities, when and if issued, and other financial instruments for both Admiral Asset Group and future customers."