Anderson Computers Signs Letter of Intent to Acquire Mortgage Depot Online.com
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 27, 1999--Anderson Computers/Tidalwave Corp.(OTC BB:ACPT - news) 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 - news), E-Trade (Nasdaq:EGRP - news) and DLJ Direct (NYSE:DLJ - news). Quicken Mortgage, currently ranked number two in online mortgages, has partners that include America Online (NYSE:AOL - news), Excite (Nasdaq:XCIT - news) and Intuit (Nasdaq:INTU - news). Rounding out the top five is Homeshark who does approximately $500 million in home origination's. Homeshark partners include Internet companies Lycos (Nasdaq:LCOS - news) and Infoseek (Nasdaq:SEEK - news).
Mortgage Depot Online will utilize ad banners placed on America Online (NYSE:AOL - news) 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.
--------------------------------------------------------------------------------
Contact:
Anderson Computers/Tidalwave Corp. (ACPT)
Investor Relations, 954/255-6753
--------------------------------------------------------------------------------
More Quotes and News: Anderson Computers/Tidalwav
|
