*****NEWS*****
Factual Data Corp. Acquires Two More Mortgage
Credit Reporting Businesses
Five Acquisitions Completed Year to Date, for a Total of $7.0 Million in New Business
LOVELAND, Colo., Sept. 23 /PRNewswire/ -- Factual Data Corp. (Nasdaq: FDCC - news, FDCCW - news), a national
provider of customized information services to the mortgage and consumer lending, employment, and the real estate rental
markets, today announced that it has acquired two mortgage credit reporting businesses in the Minneapolis, MN and Seattle,
WA markets, bringing the number of acquisitions since the close of the companies public offering to five. These acquisitions are
in keeping with the Company's industry consolidation plan.
The acquisitions include Factual Data Minnesota in Minneapolis, MN and Residential Reporting, Inc. in Seattle WA. Factual
Data Minnesota had been a system affiliate (franchisees or licensees) of Factual Data Corp. prior to the acquisition, whereas
Residential Reporting, Inc. was unaffiliated with the Company. Residential Reporting, Inc. represents Factual Data's second
acquisition in the Seattle market. Factual Data Minnesota provides mortgage credit and employment screening services and will
remain in its current location although it could be combined with other acquisitions in the area. Residential Reporting, Inc. will be
combined with Factual Data Northwest, which was acquired in August of 1998. Key personnel from both businesses are
expected to continue their employment with Factual Data. The trailing 12 months' revenues for these businesses were
approximately $1.5 million. The terms and conditions of the transactions were similar to the Company's other acquisitions made
over the past 12 months.
In commenting on these events, J.H. Donnan, President and CEO, said, ''These acquisitions offer more than established
businesses and experienced personnel, they open the doors to work on a local level with an array of national accounts. The
acquisition of Factual Data Minnesota brings clients and opportunities in Northern Iowa as well as the state of Minnesota.
Combining Residential Reporting, Inc. with our Factual Data Northwest office will create a formidable processing center in the
Seattle area. We are anxious to see the growth from theses companies as we provide enhanced technologies, marketing
programs and service lines.''
Factual Data Corp., is a Loveland, CO-based information services provider to the mortgage and consumer lending industries,
employers, landlords and other business customers located throughout the United States. The Company markets its services
nationally through 45 combined locations, including
Company operated offices, franchisees and licensees. The Company is in the process of implementing a consolidation plan in
the Mortgage Credit Reporting business. Factual Data's initial public offering took place in May 1998 and its common stock
and warrants trade on the NASDAQ SmallCap Market under the symbols FDCC and FDCCW. |
