Virtuallender.com, Inc. Signs Letter of Intent to Acquire HomeSmart.com
SAN BRUNO, Calif.--(BUSINESS WIRE)--Feb. 24, 1999-- Virtuallender.com, Inc. (OTC BB:VLDC - news) announced that the Company has signed a Letter of Intent to acquire HomeSmart.com, an Internet-based real estate publication and referral network that refers thousands of customers each week to a variety of different real estate and lending sources.
HomeSmart.com is a web publication that serves both consumers and the real estate industry through a comprehensive real estate Internet site. This site takes informed, motivated buyers and puts them in touch with banks, real estate companies, insurance companies, credit reporting services, appraisal services and other real estate-related services. This provides one-stop shopping and VIP service for consumers, as well as an excellent lead generating and contact medium for the industry.
HomeSmart.com's strategy for growth encompasses unique traffic generating and branding opportunities. Online marketing programs with Netscape (NASDAQ:NSCP - news) are underway, and HomeSmart.com will soon launch marketing campaigns with Lycos (NASDAQ:LCOS - news), Excite (NASDAQ:XCIT - news), Yahoo! (NASDAQ:YHOO - news) and many others.
John Wilson, President/Founder of HomeSmart.com, stated, ''This transaction with Virtuallender.com, Inc gives us an opportunity to take advantage of our established referral-generating system and forge a close relationship with an aggressive online lender. We are much closer to our objectives in developing online lending opportunities, and it allows us to integrate the technological advances of e-commerce with the lending market.''
Carol Pizzo, President & COO of Virtuallender.com, Inc. states ''The capabilities of Homesmart.com to reach a target market of such magnitude will help us expand our loan volume and products to reach full potential capacity, as quickly as possible''.
Virtuallender.com, benefits consumers by providing a faster, flexible, more complete online mortgage solution, avoiding the frustration, delays and cost of the traditional mortgage process while providing the traditional ''bricks and mortar'' mortgage business that consumers and realtors have traditionally utilized.
Virtuallender.com, Inc. has established close ties with some of the nation's leading lenders such as Headlands (NASDAQ:HDLD - news), 1st Security Crosslands (NASDAQ:FFCO - news), World (NYSE:GDW - news), Dominion Resource/Saxon (NYSE:D - news), PCFS (NYSE:PFGI - news), and Downey Savings (NYSE:DSL - news).
According to estimates by James Marks, Deutsche Bank Securities Analyst, the online mortgage industry is set for explosive growth, with projections topping $60 billion by the year 2000.
For more information on Virtuallender.com, Inc. please visit virtuallender.com and for more information on HomeSmart.com please visit homesmart.com.
Statements regarding financial matters in this press release other than historical facts are ''forward-looking statements'' within the meaning of section 27 A of the Securities Act of 1933, Section 21 E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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