Gary,
CFIM is basically starting out as a brand new company after coming out of Ch. 11 earlier in the year. They are up to date on their filings and are trying to branch out into new businesses through acquisitions. The stock is fairly risky at the current time if the acquisitions don't pan out. I believe that they will however and when confirmed, the stock should do very well. Much depends on consumation of the deal below:
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CFIM.OB
0.510000
+0.090000
delayed 20 mins - disclaimer
Monday October 11, 8:30 am Eastern Time
Note: there is a subsequent correction for this article.
Company Press Release
SOURCE: CFI Mortgage, Inc.
CFI Executes Letter of Intent to Acquire Leading Developer of Special Purpose Software
Consumer Finance Company, Recently Reorganized and Recapitalized in Chapter 11 Bankruptcy Proceedings, Also Says All of Its SEC Filings Are Now Current
NORTH PALM BEACH, Fla., Oct. 11 /PRNewswire/ -- CFI Mortgage, Inc. (OTC Bulletin Board: CFIM - news), a diversified consumer finance company, today said it has executed a letter of intent to acquire a majority interest in privately-held Inventek, Inc. (doing business as Surfside Software Systems(TM)) of Clearwater, FL. The company is a leader in the development and marketing of transportation software systems in the United States and Canada.
Stephen Williams, CFI president and chief executive officer, said ``this strategic acquisition marks our entry into the technology-based software solutions and cost containment industry and positions CFI for accelerated growth in the new millennium.'
Williams said the ``diversification of CFI through acquisitions of this nature will insure the company's future competitiveness in the financial services industry,' adding that he expects ``the licensing of software products with applications in the financial services industry could provide a profit center for the company in the near term.'
The company, discharged from Chapter 11 bankruptcy March 10, 1999, also said it has brought current all of its filings with the Securities & Exchange Commission, including its 1998 annual report on Form 10K and its first and second quarterly reports for the periods ended March 31 and June 30, 1999.
Williams said Surfside, an IBM Business Partner since 1996, has been acclaimed by industry experts as one of the leading producers of software product solutions. Surfside began operations in 1994 with the development of Transware(TM) 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.
Surfside is presently developing nationwide distribution through resellers and distributors and offers 24-hour, seven-days-a-week support service. As an IBM Business Partner, Surfside is positioning itself to be an innovator in wireless technologies, client-server architecture and electronic commerce (e-commerce).
SOURCE: CFI Mortgage, Inc. |
