CFI Mortgage Says Acquisition of Surfside Is ScheduledTo Close December 17, 1999
NORTH PALM BEACH, Fla., Dec. 6 /PRNewswire/ -- CFI Mortgage, Inc. (OTC Bulletin Board: CFIM), a diversified consumer finance company, today said its acquisition of a majority interest in privately-held Inventek, Inc. (doing business as Surfside Software Systems(TM) of Clearview, Fl.) has been scheduled to close Dec. 17, 1999. Surfside is a leader in the development and marketing of transportation software systems in the United States and Canada.
CFI entered into a letter of intent in October 1999 to acquire the developer and marketer of special purpose software, a transaction characterized by Stephen Williams, CFI president and chief executive officer, as a "strategic acquisition, marking the company's entry into the technology-based software solutions and cost containment industry." He said the acquisition will position "CFI for accelerated growth" as it enters the new millennium.
"One of our major objectives," Williams said, "is the diversification of CFI through acquisitions of this nature to insure the company's competitiveness in the financial services industry. The acquisition of Surfside is a step in that direction. Others are planned."
He noted that Surfside has been an IBM Business Partner since 1996 and "is widely regarded by industry experts as one of the leading producers of software product solutions." He said the company began operations in 1994 with the development of Transware(R) software, which maximizes client scheduling, cashiering, accounting and insurance administration capabilities. Surfside also has developed a module that manages preventative maintenance, inventory purchasing and cost analysis.
Certain of the matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, these forward-looking statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed by such forward-looking statements.
SOURCE CFI Mortgage, Inc.
CO: CFI Mortgage, Inc.; Surfside Software Systems(TM)
ST: Florida
IN: FIN
SU: TNM
12/06/1999 08:31 EST prnewswire.com |
