FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 27, 1999--Anderson
Computers/Tidalwave Corp.(OTC BB:ACPT) announced today that the
company has signed a letter of intent to acquire Mortgage Depot Online
Corp.
After the close of this acquisition, Mortgage Depot Online will
be a wholly owned subsidiary of Anderson Computers/Tidalwave Corp.
Mortgage Depot Online was founded by Byron Webb, the owner of the
successful Webb Mortgage. The company will concentrate on generating
mortgage origination's from their Internet web site which is set to
officially launch June 1, 1999. The company's president and CEO will
be Byron J. Webb, founder of Webb Mortgage Corp., a full service
mortgage brokerage business that originates over $50 million per year
in loan volume, whose main office is located in Boca Raton, Fla.
Mortgage Depot Online is expected to be doing loan volumes in the
40 to 60 million dollar range within the next twelve months. Mortgage
Depot Online will first be targeting Internet users within the state
of Florida which has a total population of 14 million. Currently, more
than 6 million of Florida residents have daily access to the Internet
which makes Florida the perfect state for Mortgage Depot Online to
launch its Internet based virtual mortgage company.
Mortgage Depot Online will also work to obtain operations in
other states such as Texas, New York, California as well as other
states that have growth potential for the mortgage business. The
growth potential for Mortgage Depot Online can be compared to the
volumes and market share of the now famous E-Loan whose business is
over the 1 billion dollar mark in mortgage origination's.
E-Loan's partners include Yahoo!(Nasdaq:YHOO), E-Trade
(Nasdaq:EGRP) and DLJ Direct (NYSE:DLJ). Quicken Mortgage, currently
ranked number two in online mortgages, has partners that include
America Online (NYSE:AOL), Excite (Nasdaq:XCIT) and Intuit
(Nasdaq:INTU). Rounding out the top five is Homeshark who does
approximately $500 million in home origination's. Homeshark partners
include Internet companies Lycos (Nasdaq:LCOS) and Infoseek
(Nasdaq:SEEK).
Mortgage Depot Online will utilize ad banners placed on America
Online (NYSE:AOL) and align itself with all of the major search
engines. Potential homeowners and mortgage shoppers will be able to
apply online and have e-approval within seconds knowing the current
mortgage rates fees and programs.
Begin handling your mortgage needs today by visiting the Mortgage
Depot Online website at http:www.mortgagedepotonline.com
Safe Harbor for Forward-Looking Statements: Except for historical
information contained herein, the statements in this press release are
forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the company's actual results in the
future periods to differ materially from forecasted results.
Note to Editors: The words "E-Trade," "E-Loan" and "e-approval"
actually contain asterisks instead of hyphens. Asterisks may not
transmit correctly across the wire.
--30--ao/sf* db/sf
CONTACT: Anderson Computers/Tidalwave Corp. (ACPT)
Investor Relations, 954/255-6753 |
