NEWS ON PLNM!!!!
Plenum Communications Inc.Becomes a SEC Reporting Company
LION's Parent Company Achieves Fully Reporting Status With the SEC
SEATTLE, Feb. 10 /PRNewswire/ -- Plenum Communications, Inc.
(OTC Bulletin Board: PLNM) announced that it has submitted a voluntary
registration statement to the U.S. Securities and Exchange Commission (SEC).
Plenum anticipates a response letter from the SEC in the near future and will
amend its filing to satisfy any action items required in their comments.
Plenum is the parent company of Lenders Interactive Online Network (LION).
LION is the industry leader in providing wholesale mortgage rate, fee, and
program information to mortgage brokers over the Internet. Allen Ringer,
President & CEO of Plenum, said "The registration statement 10SB filed with
the SEC on December 10, 1998 fulfilled a commitment we made to ourselves one
year ago to register our shares under the guidelines of the 1934 Securities
Act. This means the company must now file all its quarterly and annual
financial statements with the SEC where the general public can access them.
This action removes another barrier for stock brokers and fund managers to
trade the company's shares. A hyperlink from the company's home page
(www.plenum.net) directly to the SEC site is in place. Another of our goals
was to strengthen our Board of Directors. We have accomplished that with two
recent significant additions: Larry H. Dale, former Senior Vice-President of
Fannie Mae and current Managing Director of Newman & Associates an investment
banking firm; and John A. McMillan a Director and member of the Executive
Committee of the Board of Directors of Nordstrom, Inc. and former member of
the Office of Chief Executive Officer. Plenum's current major goal is to
become a Nasdaq listed company prior to the end of this year."
Mr. Ringer added, "We feel Plenum is one of the real pioneers in
E-commerce as its subsidiary LION, Inc. has been conducting its business of
matching consumers' mortgage loan needs to wholesale mortgage lenders via
their relationship with one of the approximately 200,000 U.S. Mortgage Brokers
since late 1995. With the recent and ongoing growth of use of the Internet by
U.S. business and LION's good fortune of being one of the first to embrace
E-commerce, we anticipate a continuation of the rapid growth LION has
experienced the last two years."
About LION
Members of LION's online service access wholesale mortgage rate, fee and
program information daily through LION's password protected,
subscription-based Web site, www.lioninc.com. The service provides various
search programs for connecting mortgage originators with prospective lenders.
LION provides wholesale mortgage rate, fee and program information to mortgage
brokers nationwide. More than 416 wholesale mortgage lenders participate in
the service. LION has a database with over 11 million loan pricing variances
and over 11,000 wholesale lender programs. Updated continually, this
information is available to brokers through LION's password protected,
membership-based Web site (www.lioninc.com) making obsolete the traditional
method of rate distribution by fax. When LION members enter their loan search
parameters in Loan Search, the interest rate and loan fees that result are
calculated according to the rates and fees entered from the Lender's current
ratesheet with the adjustments already made.
LION's services include Loan Search, which enables mortgage originators to
enter loan parameters to access the continually updated program and rate
information for conforming wholesale lenders, and Loan-Link, which allows
subprime loan proposals to be electronically submitted directly to the
lenders. Other features include updated financial news, Rolodex(TM) listings
of lenders by loan type and region, historical statistics, regulations, and
links to homepages of mortgage lenders.
LION's rapid growth parallels that of the Internet. The company also
develops Web sites for mortgage brokers and wholesale lenders. LION ranks
first in the nation with wholesale lender Web sites and third with mortgage
broker Web sites.
For more information on LION, visit the company's Web site at
www.lioninc.com. For more information on Plenum Communications Inc. visit
www.plenum.net .
SOURCE Plenum Communications, Inc.
CO: Plenum Communications, Inc.; LION, Inc.; U.S. Securities and Exchange
Commission
ST: Washington
IN: MLM FIN
SU:
02/10/99 09:00 EST prnewswire.com |
