Absolute Life Solutions Inc. (OTC Bulletin Board:ALSO.ob) is reporting $2.3 million in net income on $3.8 million in revenue for the fiscal year ending Aug. 31.

Absolute Life, New York, a life settlement provider, started operations earlier this year.

The company invested $7.3 million investment in life settlement transactions and generated a $5 million net gain.

The company says it raised about $13.5 million of the $60 million in capital that it intends to raise.

The company ended its fiscal year with about $18 million in assets, including $12 million in investments in life settlement contracts.

- Trevor Thomas