Here's some more MORTGAGE news, MakeMoney: Anderson Computers/Tidalwave Completes Acquisition With Citizen's Title Inc.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 24, 1999--Anderson Computers/Tidalwave (OTC BB:ACPTE - news) announced today that the Company has completed its acquisition of a minority stake in Citizen's Title Services, Inc.
''We expect the mortgage and title insurance business over the internet to grow quickly like the online stock brokerage business has grown,'' stated Leon Kline, President of Anderson Computers.
Anderson Computers due diligence was done in a timely manner, which allowed for closing of this transaction ahead of schedule. This acquisition fits exactly with the Anderson corporate strategy of acquiring mortgage related companies such as Citizen's Title Services.
Citizen's Title Services is a fully automated title insurance agent with offices in Fort Lauderdale, Florida and Melbourne, Florida. Citizen's Title Services has a network infrastructure that allows for expansion of satellite title offices communicating over a frame relay circuit. This allows for seamless and smooth closings for mortgage loans throughout the state of Florida.
''Our strategy is to grow through acquisitions of both Internet and non-internet business,'' stated Kline. ''Citizen's Title Services, Inc., which does over $100 million in loan closings, is a key development for our entry in to the Internet mortgage and related services industry.
Analyst predictions indicate that mortgage loans over the Internet will soar to about $250 billion within the next five years. Potential homeowners and mortgage shoppers will be able to apply online and have pre-e*approval within minutes and will know the current mortgage rates, fees and programs.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
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Contact:
Anderson Computers
Investor Relations 954-255-6753
tidalwavepc.com
or
Visit: Citizen's Title Services, Inc.
citizenstitle.com
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