Transnational Financial Network, Inc. Signs Letter of Intent to Acquire Austin-Based AMC Mortgage
19 Janeiro 2007 - 1:14AM
Business Wire
Transnational Financial Network, Inc. (AMEX: TFN), a
California-based wholesale and retail Mortgage Banking firm,
announced today that it has executed a Letter of Intent to acquire
AMC Mortgage, an Austin, Texas-based mortgage banking company for
up to 1,000,000 shares of TFN common stock when the earn-out
provision is achieved. AMC currently generates in excess of $130
million in mortgage originations annually and will continue to be
managed by it�s principal owner, Darryl Crawford. Joseph Kristul,
TFN�s Chief Executive Officer noted, �we are excited about the
Texas market and Darryl Crawford�s leadership in our expansion
effort in the central Texas region. Upon completion we will have
made our second acquisition of Texas based mortgage bankers and
further demonstrates our commitment to diversifying our franchise
beyond our historical core markets in California and Arizona. Our
recent acquisition of Texas Capital Bank�s mortgage division
doubled the size of our company while reducing our exposure to
California and Arizona to less than half of our now total volume.
Our goal is to continue diversifying our business geographically as
we build a multi-billion dollar origination franchise. � The
acquisition is subject to the usual conditions including the
approval of the Board�s of Directors of each company but otherwise
is expected to close in February. Transnational Financial Network,
Inc. is a wholesale and retail mortgage banker specializing in the
origination, funding and sale of high end mortgage loans secured by
one to four family residential properties. Less than 10% of the
company�s volume is the sub-prime credit market. This News Release
may contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove correct.
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