NEWPORT BEACH, Calif., Nov. 28, 2016 /PRNewswire/ -- CV Holdings, Inc. (Other OTC: CVHL) (the "Company") today announced that, as part of its strategic plan to grow into other finance-related businesses, it recently: (i) closed the acquisition of Centra Leasing, Inc. through a newly-formed subsidiary Centra Funding LLC, as well as (ii) formed and launched CV Capital Funding, LLC. Centra and CVCF join the previously announced VenSource business ("VenSource,") as new finance verticals that the Company intends to fund from the proceeds derived from the investment from funds managed by Tricadia Capital Management, LLC (collectively, "Tricadia"), as described in the Company's previous press releases, including the June 30, 2015 press release. As stated, in such previous releases, the primary purpose of the capital invested and to be invested by Tricadia is to assist the Company in making investments in new or existing financial services platforms, as well as to supplement the Company's co-investment obligations relating to its non-performing loan (NPL) business. The Company's strategy with respect to each new vertical is to grow each business by leveraging the capital invested in each business (through the Company's role as a "general partner"-type party in such business) and raising both debt and incremental third party capital to create enterprise value for the benefit of the Company's shareholders. Below is a summary of the aforementioned transactions: Centra Funding LLC On November 28, 2016, the Company closed on its acquisition of Centra Leasing, Inc. ("Centra") through its newly-formed subsidiary, Centra Funding, LLC ("Centra Funding"). Centra's business is focused on commercial "small ticket" equipment leases or finance contracts. Originations utilize a vendor-based model. Centra's business is nationwide across 16 industries, with an average finance contract or lease of $35,000. The Company acquired 100% of Centra's stock pursuant to a reverse triangular merger in which the founder and owner of Centra, John Boettigheimer ("JB"), received a "common" interest in 10% of the ownership of Centra Funding. This "common" interest is subject to the Company achieving a 10% preferred return on its capital invested, plus some other minor working capital and other agreed upon expense adjustments (including any indemnification obligations stemming from the acquisition of Centra). JB has the potential to earn an incremental 9.9% common interest in Centra Funding if certain IRR hurdles are achieved. The Company made a $10,000,000 capital commitment to invest in Centra Funding based on meeting certain conditions, with an initial $5,000,000 investment at the closing. JB has been in the equipment leasing industry for over 30 years. In late 1984, together with Bernie Boettigheimer, he started and developed Pioneer Credit Corp. Together they grew the business into one that originated over $35,000,000 in annual volume and sold it to IFC Credit Corp. in 2004. The Company intends to leverage its equity investment in Centra Funding by securing a warehouse financing facility to further grow Centra Funding's business as part of the Company's overall strategic business plan. Centra Funding may also selectively sell portions of its production to third parties and will retain the majority for its own balance sheet.