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Newtek Business Services portfolio company settles with NCMIC Finance

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Newtek Business Services portfolio company settles with NCMIC Finance

Newtek BusinessServices Corp. said in a Form 8-K filed April 6 that one of its merchantprocessing controlled portfolio companies, Universal Processing Services of WisconsinLLC, agreed to pay NCMIC Finance Corp.$200,000 in exchange for NCMIC's agreement to dismiss its complaint against UniversalProcessing Services.

NCMIC had filed the complaint Jan. 21, 2014, in the U.S. DistrictCourt for the Southern District of Iowa against Universal Processing Services, allegingbreach of agreement regarding the processing of credit card transactions and seekingmonetary relief. Additionally, Universal Processing Serviceson Oct. 13, 2015, filed an action against NCMIC and its related entities seeking,among other things, indemnification in connection with the claims asserted by NCMIC,and for monetary damages for breach of contract and fraud.

Universal Processing Services also agreed to dismiss its indemnificationand monetary damages claims against NCMIC as part of the settlement.

The settlement does not change the previously issued 2016 dividendforecast of Newtek BusinessServices.