Transnational Announces Voluntary Delisting From American Stock Exchange
04 Junho 2007 - 10:53PM
Business Wire
Transnational Financial Network, Inc. (AMEX:TFN) announced today
that it had notified the American Stock Exchange that it intended
to delist the trading of its Common Stock from the American Stock
Exchange. Joseph Kristul, Chief Executive Officer of the company
said, �We continue to believe that once the country�s mortgage
industry stabilizes, we will have a unique opportunity to expand
our market share with attractive margins. But the current
instability in the industry, which began to accelerate last fall,
has not shown signs of stabilizing. Until that stability is
established, we face substantial challenges in attaining
profitability.� Mr. Kristul noted that the liquidity from
purchasers of mortgage loans remains problematic with some former
purchasers no longer buying any mortgage loans and others
repeatedly modifying lending programs and lending standards,
including those relating to non-subprime borrowers. Loan
originations remain at low levels. In the fall of 2006, the Company
had submitted a plan to the Exchange to be able to continue the
listing of its Common Stock on the Exchange, demonstrating a plan
to return to profitability in fiscal 2008 and the having the
shareholders� equity exceed $2,000,000. Mr. Kristul said, �Because
the problems exacerbating the mortgage industry continue, we are
less certain about the timing of stability and recovery; the delay
compounds our substantial difficulties. Accordingly, we determined
to delist our Common Stock from the exchange.� Transnational
Financial Network, Inc. is a wholesale and retail mortgage banker
that originates, funds, and sells mortgage loans secured by one to
four family residential properties. Through its strong sales and
broker service programs, the Company has built a foundation for
growth and expansion, principally in the markets of California,
Texas, and Arizona. 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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