(COMTEX) B: IMN Financial Corp. Announces the Acquisition of Bankers
B: IMN Financial Corp. Announces the Acquisition of Bankers Direct Mortgage
Corp. From C.F.I. Mortgage Inc. Annual Closings Over $200,000, 000 Million Per
Year
MELVILLE, N.Y. (Sept. 24) BUSINESS WIRE -Sept. 18, 1998--IMN Financial
Corp. (OTC: Bulletin Board: IMNF), a mortgage banking company, today
announced the acquisition of 100% of Bankers Direct Mortgage Corp. from
C.F.I. Mortgage Inc. Bankers Direct is a retail Mortgage Banking
Company currently closing $20 million per month in FHA, Fannie Mae and
GNMA mortgages.
With a total of nine offices, of which seven are located in Florida and
two are in Colorado, Bankers Direct has "carved out a respected name in
the mortgage banking business." Mr. Capuano commenting on the above
stated "the Bankers Direct acquisition when added to our current volume
of business, will bring the annualized total from retail mortgage
closings through all subsidiaries to OVER ONE BILLION DOLLARS
(1,000,000,000.00) per year.
Although complete terms of the acquisition were not announced IMN
Financial Corp. did state however, the acquisition was "an earn out
formula based on profitability" and did not require any issuance of
stock and/or cash. This method of closing the transaction demonstrates
the creative nature to both renew our philosophy to continue to make
acquisitions and validate the valuation of our corporate currency.
Island Mortgage Network, Inc. is a full-service mortgage banking firm,
which was established in 1984 as a one branch mortgage brokerage. Today
IMN is a full-service mortgage banking firm with 49 branches operating
in 22 states.
Except for the historical information contained herein the matters
discussed in this press release include forward-looking statements that
may involve a number of risks and uncertainties. Actual results may
vary significantly based on a number of factors, including, but not
limited to, risks in product demand, the impact of competitive products
and pricing, changing economic conditions, both here and abroad,
release and sales of new products, and other risk factors detailed in
the Company's most recent annual report, and filing with the Securities
and Exchange Commission.
-0- de/ny*
CONTACT: IMN Financial Corp.
Edward R. Capuano, Chief Executive Officer
Cheryl Ann Schneider, Public Relations
516/844-9805
Fax: 516/844-9838
KEYWORD: NEW YORK
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