Whitehall Enterprises Acquires Alternative Lending Group For $8 Million; Announces Four Cities for Due Diligence Meetings
Business Editors
MIAMI--(BUSINESS WIRE)--Jan. 19, 2000--Whitehall Enterprises, Inc. (OTCBB:WTHL) today announced that it has completed the $8 million acquisition of Alternative Lending Group (ALG). ALG is a multi-million-dollar e-commerce mortgage banking company currently operating in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Missouri, Utah, and Wisconsin, with plans to expand its market focus nationally during the next 12 months. The Company closed mortgage origination fees grossing $93.5 million for the year ended December 1999, and has budgeted $1 million to support its national expansion.
ALG's mortgage origination activities are conducted through a consumer direct marketing channel, which allows the company to make loans simultaneously profitable and competitive due to a reduction in sales commissions and expenses compared to those associated with conventional mortgage brokerage firms. ALG recently created a Wholesale Division and an Internet Online Mortgage Division, which will assist in establishing its national presence and increasing gross production over the next year. The company's e-commerce website at www.alternativelending.com offers applicants the convenience of applying for all types of loans, 24 hours a day, via the Internet.
"We are pleased to finalize this strategic acquisition," said Whitehall President and Chief Executive Officer Luis Alvarez. "ALG's e-commerce capabilities will contribute another significant dimension to our diversified business objective and provide increased shareholder value for our company as we approach additional acquisitions this year."
"Our alliance with Whitehall will help us reach our destination of becoming the premier site where potential buyers can shop online for a home loan", said ALG President and CEO Jeffrey Mertz Jr. "Whitehall has grown substantially in the last year and we believe our union will be profitable for both companies in the years to come."
In an effort to present the Company to the investment community, Whitehall will hold due diligence meetings in select U.S. cities. Dates and locations are January 20 - Phoenix; January 26 - New York City; February 1 - Atlanta; February 9 - Ft. Lauderdale/Boca Raton. For more information concerning these meetings, please contact the Company's investor relations counsel: Investor Relations Services, Inc. at 904/409-0200.
Whitehall Enterprises, Inc. (OTCBB:WTHL) is a growth oriented holding company targeting business acquisitions which will contribute a diversified asset base for the company. The company's current business activities include manufacturing of plastic containers for pharmaceutical and healthcare companies as well as marketing hair growth and hair loss prevention technologies.
Safe Harbor: The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Whitehall Enterprises, Inc. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises, Inc. filings with the Securities and Exchange Commission, including Forms 10K and 10Q.
--30--law/mi*
CONTACT: Investor Relations Services Inc., New Smyrna Beach, Fla
Tom Biggs, 904/409-0200
KEYWORD: FLORIDA
INDUSTRY KEYWORD: BANKING MANUFACTURING CHEMICALS/PLASTICS
PHARMACEUTICAL MERGER/ACQ
businesswire.com |
