On November 1st this year, Carfinco announced that it was the stalking horse bidder looking to purchase Western Funding Incorporated and Global Track GPS, two companies that were in Chapter 11 bankruptcy in Nevada.
Today it was announced that bidding went beyond what management felt the businesses were worth and has backed out from the bidding process altogether.
It was noted in today’s news that Carfinco will actively continue to pursue other potential acquisitions throughout the United States and Canada.
Shares Outstanding: 26.4 million
Shares Fully Diluted: 26.4 million