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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Release No. 60831 / October 16, 2009
The U.S. Securities and Exchange Commission announced the temporary suspension of trading of the securities of the following issuers, commencing at 9:30 a.m. EDT on October 16, 2009, through 11:59 p.m. EDT on October 29, 2009:
Altiva Financial Corp. (ATVA)
Atlantic Gulf Communities Corp. (AGLFQ)
CFI Mortgage, Inc. (CFIM)
Commodore Holdings Ltd. (CCLNQ)
Conversion Technologies International, Inc. (CVTL)
Cyntech Technologies, Inc. (CYNT)
Diversified Senior Services, Inc. (DISS)
Dyersburg Corp. (DBGC)
Flour City International, Inc. (FCIN)
Gerald Stevens, Inc. (GSVE)
Leisure Time Casinos & Resorts, Inc. (LTCR)
Platinum Entertainment, Inc. (n/k/a Vidalia Gichner Holdings, Inc.) (PTETQ)
The Commission temporarily suspended trading in the securities of the foregoing companies due to a lack of current and accurate information about the companies because they have not filed certain periodic reports with the Commission. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act).
The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies.
Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspensions, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to trading suspensions until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5720. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Branch of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov.
.0004 x .0017 = this monday!!!...
.0008 X .003 = looking like weak???!!!...
.0005 x .0017 = input biddig more shares @ .0005 = I like it!!!...
another low volume shake; time to load the boat imo>>.001 X .0015
Let's keep it movin!! Go CFIM
my Level II messed up on this one
What are you showing for the b/a?
agree...still in
Dirt cheap now... Grabbed a few... a never know lotto.
CFIM open high low close change volume
03/04/09 0.0004 0.0010 0.0004 0.0004 +0.0002 496,450
02/27/09 0.0002 0.0010 0.0001 0.0002 +0.0000 418,450
01/30/09 0.0002 0.0015 0.0002 0.0002 +0.0000 510,600
12/31/08 0.0001 0.0007 0.0001 0.0002 -0.0002 20,600
11/28/08 0.0001 0.0020 0.0001 0.0004 -0.0002 0
10/31/08 0.0001 0.0020 0.0001 0.0005 +0.0003 331,321
09/30/08 0.0001 0.0020 0.0001 0.0002 -0.0009 280,610
08/29/08 0.0003 0.0020 0.0001 0.0011 -0.0009 78,500
07/31/08 0.0001 0.0020 0.0001 0.0020 +0.0017 106,342
06/30/08 0.0003 0.0020 0.0001 0.0003 +0.0000 13,725
05/30/08 0.0001 0.0020 0.0001 0.0003 -0.0003 13,572
04/30/08 0.0004 0.0020 0.0001 0.0006 +0.0002 530,454
03/31/08 0.0004 0.0006 0.0001 0.0004 -0.0001 18,600
02/29/08 0.0005 0.0020 0.0001 0.0005 -0.0005 441,326
01/31/08 0.0003 0.0020 0.0002 0.0010 +0.0007 565,300
12/31/07 0.0008 0.0050 0.0003 0.0003 -0.0005 1,292,802
11/30/07 0.0003 0.0010 0.0003 0.0008 -0.0001 115,300
10/31/07 0.0006 0.0040 0.0003 0.0009 -0.0004 467,500
09/28/07 0.0006 0.0030 0.0003 0.0013 +0.0008 0
08/31/07 0.0005 0.0040 0.0003 0.0005 +0.0000 3,500
07/31/07 0.0005 0.0030 0.0003 0.0005 +0.0000 46,750
06/29/07 0.0003 0.0030 0.0003 0.0005 +0.0000 68,940
05/31/07 0.0003 0.0050 0.0003 0.0005 -0.0001 210,070
.0004 x .0008
Shells with 30 million O/S' usually don't stay under .001 for ever...
CFI Mortgage, Inc., Continues to Move Forward to Formalize a Closing of Its Acquisition of Lender Ltd.
CLEARWATER, Fla.--(BUSINESS WIRE)--Jan. 3, 2002--CFI Mortgage, Inc. (OTCBB:CFIM) announced today that it continues to move forward with great resolve toward closing the acquisition of Lender Ltd. Both parties are now working diligently to provide the funding sources with the necessary documentation, which will enable the formalized closing to take place in the near future.
Jim Wickham, President of Lender Ltd. said, "The events of Sept. 11, 2001 and its impact on our economy and the subsequent interest rate reductions, had a profound effect on the mortgage industry, leaving us inundated with loan applications resulting in our need to increase our warehouse lines and tend to the business at hand. Although we are totally committed to the deal with CFI, the influx of business left us little time to devote to finalizing the transaction. We can now see our way clear and hope to be a part of CFI in the very near future."
Stephen E. Williams, Chairman, President and CEO of CFI said, "At this time we are awaiting a more definitive closing date to be established by our Investment Bankers, which I believe should be forthcoming in the very near future. Although we thought this transaction would have already closed, I certainly appreciate Jim Wickham's dedication to Lender Ltd. and its employees and know that he will bring that same dedication and drive to our new organization."
CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more information on CFI please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
CONTACT:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations: Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations: Marlene Noren, 727/674-1010
mnoren@cfiinc.com
KEYWORD: FLORIDA
BW2120 JAN 03,2002
5:46 PACIFIC
8:46 EASTERN
CFI MORTGAGE INC, filed this PRE 14A on 11/13/2001.
1. Entire Document w/ attachment(s)
2. Entire Document (PRE 14A)
http://10kwizard.ragingbull.com/fil_submis.asp?repo=tenk&ipage=1529201&doc=1&total=&...
Lender Ltd./Efficiency Experts Acquisition update
November 2, 2001
Dear Shareholders and Interested Investors,
With respect to the closing date of our acquisition of Lender, Ltd. and Efficiency Experts LLC, we have been
placed in the enviable position of having to negotiate specific financial terms with several lenders that pre
qualified this transaction working through our Investment Bankers. I am confident that we will make our
selection early next week, at which time we will then be able to proceed towards finalizing the closing of this
transaction.
As a further update, Efficiency Experts is already working with our existing IT staff and contracts have
already been received for our services. I will be in Detroit next week meeting with Lender Limited’s "Lead
Bank". Additionally, I will be meeting with the presidents of Lender's IOC’s and look forward to making their
transition into a public company as smooth as possible.
Warmest regards,
Stephen E Williams
Chairman, President and Chief Executive Officer
CFI Mortgage, Inc. Moves Forward With the Acquisition of Lender, Ltd.; Sets Closing Date for October 31, 2001
CLEARWATER, Fla., Oct 16, 2001 (BUSINESS WIRE) -- CFI Mortgage, Inc. (OTCBB:CFIM)announced today that the majority of the due diligence items with respect to the acquisition of Lender Ltd. and Efficiency Experts LLC are now complete and a closing date of October 31,2001 has been scheduled. Both parties are dedicated to the completion of this transaction and envision the enormous benefits that will be derived both short and long term.
Lender Ltd., which has 12 retail mortgage branches and a wholesale division in Southeast Michigan, is experiencing unprecedented loan volume with the recent decrease in interest rates. The strong volume numbers will produce a very timely increase in revenue and net profitability and will provide a more than sufficient cash position to implement the expansion of Lender, Ltd., which is a key ingredient of the acquisition and ultimately the overall success of CFI.
Jim Wickham, President of Lender Ltd., said, "During my tenure in the mortgage industry have seen periods of great prosperity, but never have I seen one with such an abundance of potential customers. The bottom line profit derived from this market coupled with our being part of a public entity will allow us to proceed with the expansion that Steve Williams and I envision for the company. The public arena gives us a greater ability to recruit personnel where key sales people can grow their income exponentially with the stock they can acquire and/or earn by being a part of the Company. This is a tremendous competitive advantage when it comes to recruiting high caliber personnel.
"This recruiting tool coupled with operating efficiencies that we will gain in the CFI collaboration will put both companies in a stronger financial position pressing forward. Now that I have had the opportunity to spend a few weeks with key management at CFI, I can see where collectively we will achieve much more than we would individually."
Steve Williams, Chairman & CEO of CFI said, "Rick Shaffner, Jim Wickham, and myself are committed to finalizing this acquisition. Bringing this to a quick close is quite advantageous to the shareholders and employees of both companies. We feel we have addressed all the major issues and need a few more weeks to finalize the details. I look forward to working with Lender
Ltd. in growing our mortgage business and I feel Lender's proven success will allow the growth of CFI as originally planned. As a holding Company, our continuing goal in the mortgage and technology divisions is to enhance shareholder value and to have the vision to prepare our entities for future growth."
CFI provides mortgage services through a large network of mortgage brokers and financial
professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader
creating custom software that provides technology-based business solutions for the national
and international marketplace, as well as a leader in the mortgage industry. For more
information on CFI please visit the Company web site at http://www.cfiinc.com or that of
Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of
charge, to its mailing list for press releases, investor updates and market letters, which will
keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These
statements may differ materially from actual future events or results. Forward-looking
statements are inherently subject to risks and uncertainties, some of which cannot be
predicted or quantified. Future events and actual results could differ materially from those set
forth in, contemplated by, or underlying the forward-looking statements. The risks and
uncertainties to which forward-looking statements are subject include, but are not limited to,
the effect of government regulation, competition and other material risks.
CONTACT: Responsive Research, Inc., Coconut Creek, Fla.
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: FLORIDA
INDUSTRY KEYWORD: BANKING
REAL
ESTATE
MERGERS/ACQ
SOURCE:
CFI
Mortgage,
Inc.
FBI uses Tranware in ongoing investigation of Terrorist Attacks
Surfside Software Systems and the widely used TranWare™ dispatch system provides data to
ground transportation companies aiding in the investigations regarding terrorist attacks on the
United States.
Resa Parsa, owner of Dulles Taxi near Dulles International airport utilized trip reservation and
dispatch data from his TranWare system to provide the Federal Bureau of Investigation trip
manifest reports. These reports identified telephone numbers, addresses, names and pickup/
dropoff times for trips to and from Dulles Airport before and after the hijacked planes crashed in
NYC, Pennsylvania and Washington, DC.
A recent FBI press release includes a list of the nineteen individuals identified as hijackers
aboard the four airliners that crashed on September 11, 2001. If you have any information
regarding the September 11 incidents, including information about these hijackers even though
they are presumed dead, please call the toll-free telephone Number 1-866-483-5137.
A form has also been placed on the Internet at http://www.ifccfbi.gov to report information.
This release may contain forward-looking statements that involve risks and uncertainties. These statements
may differ materially from actual future events or results. Forward-looking statements are inherently subject
to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results
could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
The risks and uncertainties to which forward-looking statements are subject include, but are not limited to,
the effect of government regulation, competition and other material risks.
OUR HEARTS GO OUT TO THOSE AFFECTED BY THE TERRORIST ATTACKS ON THE UNITED STATES
In the aftermath of this tragedy let us take time to appreciate the Value of FREEDOM. I am proud
to be an American and I am proud of all Americans because it is our spirit of Hope and Freedom
that empowers all of us to stand strong and defend our freedom. We are determined to keep our freedom alive, strong and thriving for generations to come. America is the melting pot of the WORLD the promise land for everyone to grow and prosper in all aspects of our lives.
We have so much to be thankful for. Thank you all Americans for our FREEDOM. Count our blessings one by one.
America the greatest place on earth.
CFI Mortgage, Inc., to Acquire One of Michigan's Largest Private Mortgage Banking Firm, as Well as an Information Technology Consulting Firm
Thursday September 20, 6:31 am Eastern Time Press Release
SOURCE: CFI Mortgage, Inc.
CLEARWATER, Fla.--(BUSINESS WIRE)--Sept. 20, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that it has executed Letters of Intent to acquire Lender, Ltd., one of Michigan's largest private mortgage banking firms, as well as
Efficiency Experts, LLC, a Michigan-based technology consulting firm. The terms of the transactions, which are valued at $8 million, will be completed with creative wrap-a-round financing that calls for $6 million in cash and $2 million in Senior Debt Instruments. CFI is in the final stages of completing an underwriting agreement with investment bankers and
expects to close the acquisition in approximately 45 days.
Lender, Ltd. has 12 branch offices located throughout the Southeast Michigan area and adheres to a unique business model, which has been profitable in each of its 6 years of operations. Lender, Ltd. has closed over $561 million in mortgage loans in 2001 through August and anticipates total mortgage volume for 2001 to be in excess of $1 billion. The product mix of these retail loans consists of 85% Conventional/Conforming, 10% Government and 5% Sub Prime/Alt. A. Lender, Ltd.'s business model creates the flexibility to expand or constrict during any type of economic condition.
Jim Wickham, President of Lender, Ltd., said, ``Our primary thrust has consistently been the development of operational procedures that help support and promote our entrepreneurial-minded management team. Blending these concepts with the existing structure of CFI will allow us to grow nationally, through the replication of our proven concepts, while at the same time providing our employees with the ability to take ownership interest in a public company.''
Efficiency Experts, LLC is a Michigan-based technology consulting firm that provides IT support to small and mid-sized businesses that outsource their IT needs on a contractual basis. Efficiency Experts will compliment the software development abilities of Surfside Software and allow it to expand the IT support component full circle. Additionally, as
Lender, Ltd. expands nationally, certain key geographic locations will house both a Lender, Ltd. hub as well as an Efficiency
Experts' base of operations.
Steve Furniss, President of Surfside Software, Inc., a wholly owned subsidiary of CFI, said, ``One of the most demanding tasks of Surfside is to provide installation, training and implementation services to new and existing clients. With the addition of Efficiency Experts to the CFI organization, we will be able to provide the highest quality outside IT services in a cost-effective manner.''
Stephen E. Williams, Chairman, President and CEO of CFI said, ``The acquisition of Lender, Ltd. thrusts CFI into an
enviable position in the mortgage banking industry and will allow us to expand its proven business model nationwide. CFI will
now place a greater emphasis on the retail mortgage business, while continuing to grow its wholesale mortgage lending
operation. Richard Shaffner and Jim Wickham have built a very successful business in a remarkably short period of time, and as a public entity, we provide Lender, Ltd., with the ability to expand its concepts nationally in a much shorter period of time. The expansion of both entities will be cost effective as they will share certain cross marketing advantages.''
Mr. Williams continued, "I wish to add that with the current state of our nation, our comprehension of the tragedy we have been forced to endure as Americans is indescribable in words. Our heartfelt sympathies go to all of those directly and indirectly affected by this tragic event. Fortunately, we have families to spend time with, careers to grow and develop and friendships to enjoy. This event will forever change the way we view life in this country. Let's focus our energies on the positives of life in this great country, the greatest place on Earth.``
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through
acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations, Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations, Marlene Noren, 727/674-1010
mnoren@cfiinc.com
CFI Mortgage, Inc. Subsidiary, First United MortgageBanc, Inc., Introduces New Mortgage Products and Increases Mortgage Placement Abilities
CLEARWATER, Fla.--(BUSINESS WIRE)--July 26, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that its subsidiary, First United MortgageBanc,Inc. (FUMB), has introduced a line of specialty products, which includes; 95% condo
financing, ease of qualifications for self employed applicants and 95% financing with no Private Mortgage Insurance (PMI). These products are not readily available to all mortgage companies and will attract many new homebuyers and current homeowners looking to refinance and should dramatically increase revenues for FUMB. Through relationships developed by the experienced FUMB team and a positive industry reputation, FUMB has just been approved by five national mortgage investors who will purchase their closed loans.
Robert Scarpetta, President of FUMB, said, ``As we expand FUMB nationally, increasing our product line is very important to our overall growth and ultimate success. These unique new products will attract additional buyers and help us develop new relationships with brokers nationwide. Expanding our product mix will further enhance the productivity of the quality personnel that we are attracting to FUMB.''
Stephen E. Williams, Chairman, President and CEO of CFI stated, ``We are seeing the implementation of our FUMB business model flourish under Bob Scarpetta. As he continues to expand our marketing staff and supplies them with additional products and warehouse lines, I'm sure we'll see FUMB become one of the leading companies on the
national mortgage scene.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For
more information on CFIM please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFIM news.
This release may contain forward-looking statements that involve risks and uncertainties.These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other
material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
CFI Mortgage, Inc. Subsidiary, Surfside Software Systems, Inc., Names Dennis B. Albert National Sales Manager for Desktop Solutions
CLEARWATER, Fla.--(BUSINESS WIRE)--July 26, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that its wholly owned subsidiary, Surfside Software Systems, Inc., has hired Dennis B. Albert as National Sales Manager for
Desktop Solutions. Dennis brings over 19 years of sales experience to the position and will greatly enhance Surfside's ability to build and expand a national sales network. A 1979 graduate of Florida State University with a B.S. Degree in Business
Administration-Finance/Accounting, Mr. Albert began his career with RepublicBank Corporation, Dallas, TX where he personally added over $136 million in reconciling systems sales volume. He was a Senior Account Manager for Computer Associates International (NYSE:CA - news), Dallas, TX and was a member of the prestigious``Compass Club,'' which ecognizes outstanding annual sales production. Dennis also served as Vice President of Sales for Crystal Software International where he increased corporate sales over 254%.
Jim Furniss, Vice President of Marketing for Surfside said, ``Dennis' experience and proven sales abilities will be the driving force behind our already, well received, WinLimo program and will enable us to develop a national distribution system for all of our desktop products.''
Stephen E. Williams, Chairman, President and CEO of CFI stated, ``As Surfside continues to expand its marketing, sales and distribution efforts, Dennis Albert will be an integral part of the management team. We are fortunate to be able to attract a person of Dennis' caliber with a proven background in software sales and marketing.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For
more information on CFIM please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFIM news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations, Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations, Marlene Noren, 727/674-1010
mnoren@cfiinc.com
FYI info on required financial filing per S.E.C. rules
10K annual financial report have a 90 day reporting window from the close of the quarter that ends the fiscal year.
10Q financial report have a 45 day reporting window from the close of the quarter.
i.e Second quarter ended on June 30, 2001. Second quater report will be due by August 15,2001
CFI Mortgage, Inc. Subsidiary Continues to Augment Both the Marketing and Loan Processing Departments
CLEARWATER, Fla.--(BUSINESS WIRE)--July 13, 2001--CFI Mortgage, Inc. (OTCBB:CFIM - news) announced today that its subsidiary First United MortgageBanc, Inc. (FUMB), has added a highly qualified underwriter to its loan processing department and two proven producers to its growing staff of account representatives.
Theresa Russell-Coley, who will be in charge of subprime underwriting, brings over 6 years of processing, managerial and underwriting experience to FUMB. Theresa was an underwriter of Alliance Funding in St. Petersburg and an office manager for Alternative Lending Mortgage of Clearwater, Florida.
James Mathews will be working with Midwest Regional Account Manager, Rhonda Curtis, to expand the business in michigan and Ohio. Jim is a proven producer who averaged in excess of 15 units per month in the later part of 2000.
Robin Katz has over 15 years experience in providing services to both wholesale and retail clients including 10 years was an Executive Branch Manager for Transamerica Financial Corporation (NYSE:TFD - news) in Clearwater. Robin will be the lead representative in California.
Robert Scarpetta, President of FUMB, said, ``The Company is truly expanding nationwide. I am delighted to see the quality people that FUMB has attracted in such a short period of time. I'm confident Theresa will do a fine job as manager of our Subprime Underwriting Department and Jim and Robin will help us increase our volume production under the
direction of Ken Reilly, National Sales Manager.''
``The bilateral growth at FUMB proves that Bob Scarpetta is the right person to implement our business model. As the production increases and the loan processing department becomes capable of handling additional business, we will entertain joint ventures and acquisitions to help accelerate the growth of FUMB,'' stated Stephen E. Williams, Chairman,
President and CEO of CFI.
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. The CFI's goal,
through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based
business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more
information on CFIM please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at
http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor
updates and market letters, which will keep you apprised of all late breaking CFIM news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
CFI Mortgage, Inc. Subsidiary Hires Six Loan Officers to Expand Its Marketing in Five Midwestern States
Wednesday July 11, 12:58 pm Eastern Time
Press Release
CFI Mortgage, Inc. Subsidiary Hires Six Loan
Officers to Expand Its Marketing in Five Midwestern
States
CLEARWATER, Fla.--(BUSINESS WIRE)--July 11, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that its subsidiary First United MortgageBanc,Inc. (FUMB) has hired six loan officers servicing a five state area consisting of michigan,Wisconsin, Illinois, Indiana and Ohio. These six loan officers, who will report to Ken Reilly,National Sales Manager, have a proven track record and established wholesale and retail mortgage relationships. Their cumulative production is in excess of $100 million per year.
Robert Scarpetta, President of FUMB, said, ``We are very happy to welcome these six mortgage veterans to the FUMB team. I know Ken will be extremely successful in expanding the Midwest region with the help of these proven industry leaders.''
Stephen E. Williams, Chairman, President and CEO of CFI said, ``Bob Scarpetta is building FUMB in all areas. He has made significant strides in developing the processing department and is now directing his attention to loan origination. As we continue to expand, proven producers, such as the six new members of the FUMB team will greatly enhance our growth.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. The CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more
information on CFIM please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFIM news.
This release may contain forward-looking statements that involve risks and uncertainties.
These statements may differ materially from actual future events or results. Forward-looking
statements are inherently subject to risks and uncertainties, some of which cannot be
predicted or quantified. Future events and actual results could differ materially from those set
forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Friday June 29, 7:04 am Eastern Time
Press Release
CFI Mortgage, Inc.'s Subsidiary Adds Two Top Executives to Its Growing Mortgage Business
CLEARWATER, Fla.--(BUSINESS WIRE)--June 29, 2001--CFI Mortgage, Inc. (OTCBB:CFIM - news) announced today that its wholly owned subsidiary, First United MortgageBanc, Inc. (FUMB) has appointed Judith L. Catrett, Processing Manager of its growing mortgage processing department. Ms. Catrett has held numerous managerial positions throughout her 16-year career in the mortgage industry. She has been a District Processing Supervisor overseeing retail offices, a Senior VP supervising a Bulk Lending Division and a Secondary Marketing Manager. She has vast experience with retail and wholesale processing, warehouse lines and underwriting. Judie has managed as many four warehouse lines simultaneously.
Additionally, FUMB has designated Rhonda Curtis as its Midwest Accounts Manager. Ms. Curtis has a proven track record in establishing working relationships with successful mortgage brokers. She has identified over 2,500 potential brokers and works closely with over 100 producing mortgage brokers at this time. A Dean's List graduate of Auburn University, with a BA in Management and Finance, Ms. Curtis will be responsible for the development of the potentially lucrative Midwest Region. Rhonda, who is an FHA Qualified Originator and Underwriter has received numerous production awards, is presently serving as the President of the Southwest Chapter of the Indiana Association of Mortgage Brokers.
Robert Scarpetta, President of FUMB, said, ``Having worked with Judie at AABCO, I know her abilities and her work ethic and I'm very excited to have her on the FUMB team. As our Processing Department grows, Judie will be the leader that will efficiently and effectively mold it into a cohesive unit.'' He continued, ``As we develop a network of Regional Managers we will seek to find people with Rhonda's experience and integrity. She has a substantial following of brokers that place their trust in her abilities to get the job done. I know she will be instrumental in establishing FUMB as a leading mortgage producer in the Midwest Region. Based on our ability to generate additional business through new affiliations and joint ventures we plan to add upwards of 20 new people over the next 3 to 6 months in wholesale and retail sales, as underwriters, processors and
various other clerical and administrative positions.''
Stephen E. Williams, Chairman, President and CEO of CFI stated, ``Judie and Rhonda are the type of quality people that
Bob Scarpetta is attracting to FUMB. During his short tenure at FUMB we have seen Bob's affinity to engage some of the
top personnel available on the national mortgage scene today. We welcome Judie and Rhonda and look forward to their help
in establishing FUMB's presence in the mortgage industry.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through
acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at www. responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Richard C. Winkel, Investor Relations, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Marlene Noren, Investor Relations, 727/674-1010
mnoren@cfiinc.com
Thursday June 28, 7:02 am Eastern Time
Press Release
CFI Mortgage, Inc.'s Subsidiary Names Kenneth J. Reilly Director of Secondary Marketing and National Sales Manager
CLEARWATER, Fla.--(BUSINESS WIRE)--June 28, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that its wholly owned subsidiary, First UnitedMortgageBanc, Inc. (FUMB) has hired Kenneth J. Reilly as Director of Secondary
Marketing and National Sales Manager. Mr. Reilly brings over 25 years of mortgage management experience to the position that will greatly enhance FUMB's wholesale and retail mortgage loan business. As the National Sales Manager, VP of Administration and one of the original Limited Partners of IMC Mortgage, a CitiCorp Financial Mortgage Company, he developed a tele-sales team from inception to 4,000 brokers and $100 million in monthly mortgage placements. He also identified and developed 186 job descriptions for over 3,000 employees. Mr. Reilly said, ``I'm very excited about the
opportunities here at FUMB and look forward to the challenge of developing one of the most aggressive mortgage retail and wholesale businesses in the country. With the vision and enthusiasm of everyone at FUMB I'm sure success will follow.''
Robert Scarpetta, President of FUMB, said, ``We are very pleased to be able to attract a proven veteran of Ken's caliber. His experience and industry contacts will allow us to continue to develop our mortgage business at a much faster rate than initially projected. As we expand our entire Company to meet anticipated needs in the near future, Ken will play a critical role in the development of our personnel and the implementation of our marketing program.''
Stephen E. Williams, Chairman, President and CEO of CFI stated, ``As FUMB expands its infrastructure and its marketing model, Ken Reilly will be an integral part of the management team. He will be invaluable to the growth of FUMB in all areas. We welcome Ken to the CFI family of companies.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For
more information on CFI, please visit the Company web site at http://www.cfiinc.com or that of Responsive Research at http://www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
CONTACTS: Responsive Research, Inc., Coconut Creek, Fla.
Richard C. Winkel, Investor Relations, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Marlene Noren, Investor Relations, 727/674-1010
mnoren@cfiinc.com
http://biz.yahoo.com/bw/010628/0034.html
Shareholder Letter from FUMB President Mr. Bob Scarpetta
http://www.cfiinc.com/index.cfm?fuseaction=bobletter
CFIM Shareholder letter
http://www.cfiinc.com/index.cfm?fuseaction=sletter
CFI MORTGAGE INC (CFIM.OB) Quarterly Report (SEC form 10QSB)
ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
The following discussion contains certain "forward-looking statements" (rather than historical facts) which are subject to the
safe harbor provision created by the "Private Securities Litigation Reform Act of 1995" (the "Act") and regulations and
interpretations there under, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements and other information contained herein including such words as "may," "will," "expect," "believe," "plan," "estimate," "goal," "anticipate," "intend," and other similar terminology and use of future tense, constitute forward-looking statements. These forward-looking statements represent management's current
expectations and are subject to business and economic uncertainties and risks. Actual results could differ materially from
those set forth in and suggested by the forward-looking statements. This discussion should be read in conjunction with the
consolidated financial statements of the Company and the related notes thereto.
Company Overview
CFI Mortgage, Inc. (the "Company") is engaged in two lines of business: First, residential mortgage lending; and, second,
development and licensing of proprietary computer software solutions, primarily for the ground transportation industry. The
Company is incorporated in Delaware, and may be described as a holding company. Its executive offices and operations are
located in Clearwater, Florida. The Company conducts its operations through two wholly owned subsidiaries. First United
MortgageBanc, Inc., a Florida corporation founded by the Company, conducts the Company's mortgage lending business.
Inventek, Inc., a Florida corporation doing business as Surfside Software Systems, conducts the Company's computer
software business.
Three Months Ended March 31, 2001 Compared to Three Months Ended March 31, 2000
Results of Operations
The results of operations for the three months ended March 31, 2000 reflect no mortgage related revenue, as the Company
did not begin any mortgage operations until June 2000.
The Company recognized a loss from operations of $417,210 for the three months ended March 31, 2001 compared to
$208,238 for the comparable period in 2000 an increase of $208,972. The increase is primarily the result of a significant
drop in revenue from the mortgage operation that is the direct result of the termination of the warehouse line of credit that was due in part to the unauthorized misrepresentations by a former officer of the Company in the initial credit application. This resulted in a loss per share of $0.02 from continuing operations for the three months ended March 31, 2001 compared to a loss per share of $0.01 from continuing operations for the same period in 2000. The net loss for the three months ended
March 31, 2001 is $442,210 compared to $37,698 for the same period in 2000. The increase is the result of one-time gains
attributable to forgiveness of debt and a cancellation penalty for the three months ended March 31, 2000.
Total revenues increased $671,403 or 84% to $795,552 for the three months ended March 31, 2001 compared to $124,149 for the same period in 2000. The increase is the direct result of revenues from the mortgage operation for the three months ended March 31, 2001 compared to no mortgage related operations for the same period in 2000. The increase, while dramatic, is much less than the Company would have achieved had it not been for the unauthorized misrepresentation on the credit application with the Company's warehouse lender perpetrated by a former officer, which resulted in the termination of the Company's warehouse line. In February 2001, the Company discovered that this same officer who was responsible for overseeing the Company's mortgage lending operations had diverted approximately $40,000 in mortgage payment checks due to the Company to his own company. The Company is seeking a criminal prosecution of this person for embezzlement. The Company believes that all the funds are in an account that has been frozen and is confident that it will be able to recover the funds in civil litigation.
Total operating expenses increased $880,375 or 72% to $1,212,762 for the three months ended March 31, 2001 compared to $332,387 for the same period in 2000. Selling expenses increased $321,931 or 91% to $350,114 for the three months ended March 31, 2001 compared to $28,183 for the same period in 2000. The primary reason for this was an increase of $313,266 or 97% for salaries and broker commissions related to the mortgage operation compared to none for the same period in 2000. General and administrative expenses increased $338,870 or 52% to $635,013 for the three months ended March 31, 2001 compared to $296,143 for the same period in 2000. Office and computer expenses increased $57,849 or 81% to $71,166 for the three months ended March 31, 2001 compared to $13,317 for the same period in 2000, which is
the direct result of increased operations. Employee benefits and related payroll taxes increased $91,189 or 85% to $106,902
for the three months ended March 31, 2001 compared to $15,713 for the same period in 2000. The increase is the result of
the addition of employees related to the mortgage operations. Rent expense increased $23,177 or 58% to $39,310 for the
three months ended March 31, 2001 compared to $16,133 for the same period in 2000, due to the renting of additional
office space resulting from increased operations. Depreciation and Amortization expense increased $52,292 or 56% to
$92,521 for the three months ended March 31, 2001 compared to $40,229 for the same period in 2000. Interest expense
increased $219,574 or 96% to $227,635 for the three months ended March 31, 2001 compared to $8,061 for the same
period in 2000. The increase is the result of interest expense charged for loans on the warehouse line until sold for the three
months ended March 31, 2001 compared to none for the same period in 2000.
Liquidity and Capital Resources
The Company has been dependent on stock sales and third party borrowings to sustain its operations. In April 2000, the
Company sold 1,787,143 shares of common stock plus 1,787,143 warrants to purchase one share of CFI common stock at
$1.67 per share in a private placement for $500,400. Going forward, the Company believes that cash flow from operations will be sufficient to fund operations. However, if additional funds are needed to support working capital or to complete acquisitions, the Company would seek to raise such funds through one or more public or private financing of equity, or from
other sources. There is no assurance any such additional financing, if needed, will be available or, if available, that it would be on terms acceptable to the Company.
Net cash provided by operating activities was $10,631,814 for the three months ended March 31, 2001 compared to net
cash provided by operations of $98,032 for the comparable period in 2000. The increase is primarily due to the selling of the
mortgage loans held for resale on the Company's warehouse line.
Net cash of $14,127 was used in investing activities for the three months ended March 31, 2001 compared to net cash used
in investing activities of $70,641 for the comparable period in 2000. The change is due to no expenses generated for software development costs for the three months ended March 31, 2001 compared to $63,953 for the comparable period in 2000.
Net cash of $10,632,015 was used in financing activities for the three months ended March 31, 2001 compared to net cash
used in investing activities of $19,942 for the comparable period in 2000. This was primarily the result of selling the majority
of the loans on the warehouse line of credit, and paying down the line.
Working capital at March 31, 2001 was a deficit of $1,393,421 as compared with a deficit of $1,066,324 at December 31, 2000. The increase of $327,097 or 30% in the deficit is primarily the result of selling off the mortgage loans from the warehouse line. Without the warehouse line, the deficit would have decrease by $41,176 at March 31, 2001.
In April 2001, the Company signed a letter of intent with Tidalwave Holdings, Inc., to form a joint venture which will provide
the Company with $10,000,000 non-conforming (sub prime), and conforming revolving warehouse lines of credit. This joint
venture will enable the Company to establish and operate a national wholesale mortgage conduit that will purchase loans on a wholesale basis. The loans will be processed, underwritten and funded by FUMB for sale in institutional private placement
transactions.
Under the terms of the Agreement with FAMS, FUMB is provided warehouse funding by FAMS at interest rates ranging
from (New York) Prime to Prime plus 2%, and utilizing compensating balances on deposit at FAMS's participating
warehouse banks, and receives 100% advances on loans funded. The company has executed a Letter of Intent that will allow
the Company to participate in mortgage securitization issues with one of its investment mortgage bankers that will allow the company to retain an interest in the servicing rights for loans securitized per that Agreement.
Surfside is surfing high on search engines
http://www.google.com/search?q=surfside+software+transportation&hl=en&lr=&safe=off&s...
CFIM notification of late 10Q filing click on link below
http://10kwizard.ccbn.com/filing.php?repo=tenk&ipage=1404792&doc=1&num=2&total=4&...
CFI Mortgage, Inc. Announces Two Promotions at First United
MortgageBanc,
Inc.
CLEARWATER, Fla., May 8, 2001 (BUSINESS WIRE) -- CFI Mortgage, Inc.(OTCBB:CFIM) announced today that it's subsidiary First United MortgageBanc,Inc. (FUMB) has promoted Jacquelyn Barron to Manager of Compliance and Quality
Control and Lawrence F. Carey, Jr. to Manager of the Sub-Prime Underwriting Department.
Jacquelyn Barron, who received a B.A. from the University of South Florida, Tampa, joined CFI in October 2000 and has been instrumental in procuring some 12 state licenses bringing the total to 33 states in which FUMB is permitted to do
mortgage lending. Her extensive background in the mortgage industry will allow FUMB to move forward with confidence. At Goldman Sachs & Company (NYSE:GS) Mrs.Barron was a Senior Analyst participating in the acquisition, maintenance and
sale of Residential Loans (Conventional/FHA/VA) and Commercial Loan Portfolios. While at the Federal Deposit Insurance Corporation (FDIC), she was a Loan Workout Specialist managing loan portfolios ranging from $75,000 to $5 million.
Lawrence F. Carey, Jr., who holds a Doctorate of Philosophy in Finance degree, has over 28 years of mortgage banking experience. He has an extensive background in all phases of appraising and served on the HUD Fee Appraisal Panel and is
currently a Direct Endorsement Underwriter approved by HUD/FHA. Mr. Carey has been stipulated as an Expert Witness in the areas of real estate valuation, REO Management, loan servicing and foreclosure in a number of Circuit Courts in the state of Florida.
Robert Scarpetta, President of FUMB stated: "In any growth organization, the quality of management is the most important factor for success and I feel we are attracting the finest personnel available in the mortgage industry today. Jackie and Larry bring years of experience and professionalism to FUMB and I'm confident that our growth will be enhanced by their abilities and dedication."
Stephen E. Williams, Chairman, President and CEO of CFI said: "I can't tell you how pleased I am with the management team that Bob Scarpetta is assembling at FUMB. Under his guidance I'm certain that Jackie and Larry will fulfill the needs of our mortgage subsidiary from both a productivity and a quality assurance aspect. As FUMB continues to expand its market area our profitability will be driven by the quality of our people."
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry.
For more information on CFIM please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFIM news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in,contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material
risks.
CONTACT: Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations:
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations:
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
URL: http://www.businesswire.com
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with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
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KEYWORD: FLORIDA
INDUSTRY KEYWORD: REAL
ESTATE
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CHANGES
CFI Mortgage, Inc. to Acquire Trandata, Inc. for Expansion Into the Global Intermodal Freight Market
CLEARWATER, Fla.--(BUSINESS WIRE)--May 7, 2001--CFI Mortgage Inc.(OTCBB:CFIM - news) has executed a Letter of Intent to acquire 100% of the Class A common stock of Trandata, Inc., of Miami, FL, for an unspecified amount of cash and
stock.
Trandata has spent the last 10 years in researching and developing total intermodal information technology solutions to serve the drayage, freight forwarding, customs brokering and bonded warehousing companies. Trandata's CEO and Founder, Kaz Chary, who holds a BS Degree in Management Information Systems from the University of Connecticut, has designed and developed his own EDI-based warehouse management system that downloads orders from host systems such as Home Shopping Network, Office Depot, Sony Universal (NYSE:SNE - news), and Disney Studios. Wireless automated
projects included those for companies such as British Airways (NYSE:BAB - news; baggage tracking and sorting system), Port of Miami-Dade County, Royal Caribbean (NYSE:RCL - news) and Target (NYSE:TGT - news). He also holds several certifications in software applications and operating systems Trandata Corporation is an Application Service Provider serving the intermodal industry and has immediate plans to expand from its base at the Port of Miami throughout southeastern United States covering key cities as Miami, Fort Lauderdale, Jacksonville, Charleston, Savannah and Atlanta. Clients include East Florida Hauling (the largest drayage company in south Florida), Roadrunner Trucking (second largest) and Amcar Freight Forwarding (NVOCC Bonded Warehousing and Freight Forwarding).
Intermodal information technologies can be defined as those technologies involved in acquiring, storing, processing, and distributing data and information by electronic means (including radio, television, telephone, and computers) between two or more different modes of transportation in such a way that all parts of the freight-transportation process are efficiently connected, seamless, coordinated, and continuous.
Trandata's mission is to revolutionize the intermodal industry by unveiling an XML-based, easy-to-understand EDI format via
a methodical implementation of technology infrastructures serving all entities in the import/export market without visibly
imposing the complexities of business transactions.
In March 2001 Trandata released DMS2000, an ASP-based Drayage Management System, available in English and
Spanish platforms, its first of five web based software systems comprising the intermodal suite. Since the introduction,
Trandata has amassed 30 users and has commitments to add 20 more by the end of May. For the first time in this industry,
customers (customs brokers, freight forwarders, steamship lines, suppliers/distributors) can enter orders into the Internet
replacing the traditional faxing, which is most often handwritten or generated off their legacy systems.
Steve Furniss, President and CEO of the Surfside Software Division stated that, ``The synergy between Surfside and
Trandata will yield rapid expansion. Our existing software products and our development team will blend cohesively with the
Trandata group.'
Stephen E. Williams, Chairman and CEO of CFI Mortgage, Inc stated that, ``The combining of Surfside and Trandata allows
us to become a much stronger competitor for the massive global market that is still virtually untouched as to our product
applications. Revenues from Trandata's initial target market of the southeastern United States alone are expected to exceed
$15 million. The South American market is the next step in our progressive attempt to globalize the market of this unique
product.'
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through
acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations:
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations:
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
IBM and their business partner, Surfside Software Systems, offer the TranWare system click on link below:
http://www-1.ibm.com/businesscenter/us/smbusapub.nsf/detailcontacts/TranWare_TM_
Tidalwave Buys Servicing Platform & Purchases $100 Million Mortgage Servicing Portfolio
FT. LAUDERDALE, Fla., May 1 /PRNewswire/ -- Tidalwave Holdings Inc. (OTC Bulletin Board: TDWV - news)announced the acquisition of the assets of Seasons Mortgage Group, Inc. (SMG) a national servicing platform company based in Richmond, Virginia and with it a $100 million plus Mortgage Servicing Portfolio.
The SMG Servicing Platform serviced in excess of $2.3 billion in conforming, Jumbo, FHA, VA, and SBA guaranteed loans
during fiscal 2000, and while the servicing platform was acquired intact by Tidalwave, just over $100 million in sub-servicing
contracts were acquired in the transaction.
SMG's two major shareholders, President Raymond ``Buddy'' Sanders and Senior Vice President Ruth Hipp assumed the titles of Executive Vice President - Servicing Operations and Senior Vice President - Servicing Operations for Tidalwave's First American Mortgage Securities subsidiary. It is anticipated that all of the current employees will be retained. Sanders was named to the executive committee of Tidalwave's First American Mortgage Securities Division.
First American Mortgage Securities Managing Director, L. Edward Bache, Sr. stated, ``The SMG acquisition completes a
major piece of the FAMS puzzle, as it allows FAMS to retain servicing on both institutional private placements and mortgage
backed security issues, where the company plans to utilize credit enhancement to achieve an 'Investment' rating.''
Bache continued, ``Accordingly, the Tidalwave/FAMS business model will be expanded to include entering markets that were not available without the ability to retain servicing. FAMS is very active in the agency enhanced ''Alt A`` market, and has several proprietary mortgage programs that were developed in conjunction with major private mortgage insurance companies, investment bankers and pool insurers. By maintaining the servicing FAMS will insure a constant and ongoing revenue stream in addition to fee income.''
Tidalwave's Servicing Platform acquisition follows two recent major announcements where Tidalwave announced the execution of letters of intent to acquire the subprime mortgage origination platform of Virginia based ``AFR Funding,'' and to enter into a joint venture to form ``First American Capital Markets Group''(FACMG) with publicly traded CFI Mortgage, Inc. (Symbol:CFIM). Following further due diligence the ``AFR Funding'' acquisition and the FACMG joint venture are anticipated to close within the next 30 days.
Once completed, FACMG will operate a national ``Alt A'' mortgage conduit that will be based in Clearwater, Florida on the
3rd and 5th floors of the Suntrust Bank Building. The FACMG Conduit is expected to be a key ``mortgage feeder'' for the new
servicing operation.
Bache continued, ``We are currently redesigning our business model around originating retail and wholesale mortgages that can be securitized with the company retaining the servicing rights for the life of the loan. Our product matrix will continue to feature high profit ''niche`` loans including loans secured by manufactured housing, rural acreage, waterfront homes, loans that just miss agency guidelines, and proprietary loans that meet FAMS's Agency Enhanced guidelines where FAMS utilizes a combination of self insurance, PMI and pool insurance in developing FAMS's exclusive programs.''
Tidalwave's President Leon Kline stated, ``The company expects to announce several key developments relating to new
mortgage programs that are being designed around FAMS's new servicing capabilities, including plans for an 'investment grade' mortgage backed securities issue in the immediate future, that will utilize credit enhancement for its 'Investment' rating and where FAMS will keep the loans in its new servicing portfolio.''
Kline continued, ``FAMS has in the past been very active in bidding loans on the national automated trading systems and will now seek to add additional traders to it's trading desk and in the field, who will be seeking to bid on loans that meet FAMS securitization and institutional private placement guidelines, and who will make markets on both the buy and the sell side for both whole loans and mortgage backed securities''.
In addition, Kline added, ``Knowing that SMG had built its loan portfolio into the billions, and learning that we could acquire
the company with the servicing platform intact and over $100 million in servicing and keep all of the employees and
management was a dream come true for Tidalwave/FAMS.'' SMG needed a loan origination platform to maximize its potential as a mortgage servicing platform, and with it's experienced employees and management team, it's current book of business, and the Tidalwave's immediate ability to scale the operation in line with the growth being realized by FAMS was just too good of an opportunity for both SMG and Tidalwave/FAMS to pass up.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this new
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.
MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X74239179
SOURCE: Tidalwave Holdings Inc.
Email this story - Most-emailed articles - Most-viewed articles More Quotes and News: CFI Mortgage Inc (OTC BB:CFIM.OB - news) Tidalwave Holdings Inc (OTC BB:TDWV.OB - news
FUMB licensed in 33 states
Wednesday May 2, 6:01 am Eastern Time
Press Release
CFI Mortgage, Inc. Subsidiary, First United
MortgageBanc, Inc., Announces Licensing in 33 States
CLEARWATER, Fla.--(BUSINESS WIRE)--May 2, 2001--CFI Mortgage, Inc.(OTCBB:CFIM - news) announced today that its subsidiary, First United MortgageBanc,Inc. (FUMB) is now licensed and cleared to do business in 33 states. FUMB recently received its licenses in California and Rhode Island bringing the total to nine new licenses received in 2001.
Robert Scarpetta, President and COO of FUMB said, ``As we continue to expand our reach nationwide, the addition of California to our marketplace will significantly increase our potential loan volume. Our success in obtaining licenses in so many states attests to our stability and the experience of our mortgage staff.'
``We recently announced the development of a Government Lending Department and it is imperative that we maximize the potential of that department. We are doing this by increasing our market area, our staff and our productivity time.' said Stephen E. Williams, Chairman, President and CEO of CFI Mortgage, Inc., who added, ``Our ability to capitalize on this
period of declining interest rates will produce both top and bottom line growth.'
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more
information on CFI, please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com, where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set
forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
CONTACTS: CFI Mortgage, Inc., Clearwater
Investor Relations: Marlene Noren, 727/674-1010
mnoren@cfiinc.com
or
Responsive Research, Inc.
Investor Relations: Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
Largest Single User Contract in Excess Of $275,000. CFI Mortgage, Inc. Subsidiary, Surfside Software Systems, Inc., Has Received.
CLEARWATER, Fla., May 1, 2001 (BUSINESS WIRE) -- CFI Mortgage, Inc. (OTCBB:CFIM) announced today that its subsidiary, Surfside Software Systems,Inc., received a contract in excess of $275,000 from a northeastern transportation company that wishes to remain anonymous in order to benefit from this competitive edge. The installation will be done using the hardware capabilities of CES Wireless Communications of Winter Park, FL, a leader in mobile data communications for the concrete delivery industry.
Steven Furniss, Vice President of Software Development for CFI, stated: "In working with CES we have determined that our software, TranWare(TM), has a much greater market appeal than just the taxi and livery industries, for which it was developed. Surfside now intends to direct its sales efforts to all areas of the multi-billion dollar ground transportation industry."
The project installation is scheduled for five months and should be completed by October 1, 2001. "Once the initial system is installed, the same client is looking to expand our service to other areas," said Jim Furniss, Co-Founder and
Vice President of Surfside. "The acceptance of our TranWare(TM) software in the marketplace indicates that we should be receiving additional contracts in the future and we have only just begun to show the type of products Surfside has the
ability to produce," he added. "We are very pleased that Surfside is starting to roll out its software products and its acceptance is proven by the number of contracts that are now being received," said Stephen E. Williams, Chairman, President and CEO of CFI Mortgage, Inc., who added, "Expanding our sales and marketing into other areas of transportation will prove the true value of our custom software products and should drive additional profits to the bottom line."
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more
information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at ww.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material
risks.
CONTACT: Responsive Research, Inc., Coconut Creek, Fla.
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
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From Responsive Research:
I just spoke to Steve Williams and although he was concerned about, what appears to be a negative article released by the Dow Jones Newswire on Monday, he did not feel it was necessary to address it in a press release, but asked me to provider my database with a response.
Stephen E. Williams, Chairman, President and CEO of CFI said, “It is my understanding that the “Going Concern” paragraph, which appears in our Form 10K filing is a Standard Qualifying Statement issued by auditors for companies having recently emerged from bankruptcy or those having a working capital deficiency. We have recently announced a joint venture with Tidalwave Holdings, Inc., which will give us access to numerous mortgage warehouse lines, additionally, we are establishing other mortgage warehouse and credit lines with financial institutions and revenues are increasing substantially within our software subsidiary. To that end, I thoroughly believe that we will survive some recent setbacks attributed to a former executive officer and continue to grow at a pace that will far outdistance other companies that are obliged to incorporate the “Going Concern” paragraph in their SEC filings.” He added, “In speaking with the reporter at Dow Jones Newswires we were told that each and every company that has a “Going Concern” paragraph is written up. We asked her why she didn’t include our $0.17 per share earnings in the article and she said she must have missed that.”
All of the information stated by Mr. Williams has already addressed in previous press releases.
###
This release may contain forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual future events or
results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by, or underlying the
forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government
regulation, competition and other material risks.
First United MortgageBanc, Inc. (FUMB) has formed a Government Lending Department for the
express purpose of providing FHA and VA loans.
Wednesday April 18, 6:41 am Eastern Time Press Release CFI Mortgage, Inc., Subsidiary First United MortgageBanc, Inc. Announces Formation of Government Lending Department
CLEARWATER, Fla.--(BUSINESS WIRE)--April 18, 2001--CFI Mortgage, Inc. (OTCBB:CFIM - news) announced today that its subsidiary, First United MortgageBanc, Inc. (FUMB) has formed a Government Lending Department for the
express purpose of providing FHA and VA loans.
ADVERTISEMENT
Anastacia Perkins, who has over ten years of experience in the mortgage industry, has been appointed as the Director of the newly formed department. Ms. Perkins owned her own mortgage business in California and Arizona and was most recently production manager for OnLoan.com, an Internet mortgage company.
Robert Scarpetta, recently appointed President and COO of FUMB said, ``We are excited to have someone of Anastacia's caliber, with vast experience in the mortgage industry to lead our new Government Lending Department. Her knowledge of the mortgage business and more specifically the government financing area will be invaluable to our growth in that area.''
``The addition of government lending programs to FUMB's core non-conforming mortgage business will help ensure our profitability in an ever changing economy,'' saidStephen E. Williams, Chairman, President and CEO of CFI Mortgage, Inc., who added, ``Bob Scarpetta is making great strides in diversifying and formulating the growth of FUMB and the promotion of Anastasia Perkins is just a part of Bob's vision for our future success. We welcome Anastacia to our management team.''
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry.
For more information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor
updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
--------------------------------------------------------------------------------
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
April 16, 2001 Management's Discussion and Analysis of Financial Condition and Results of Operations.
CFI MORTGAGE INC (CFIM.OB)
Annual Report (SEC form 10KSB)
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Forward Looking Statements
The following discussion contains certain "forward-looking statements" (rather than historical facts) which are subject to the
safe harbor provision created by the "Private Securities Litigation Reform Act of 1995" (the "Act") and regulations and interpretations there under, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements and other information contained herein including such words as "may," "will," "expect," "believe," "plan," "estimate," "goal," "anticipate," "intend," and other similar terminology and use of future tense, constitute forward-looking statements. These forward-looking statements represent management's current
expectations and are subject to business and economic uncertainties and risks. Actual results could differ materially from
those set forth in and suggested by the forward-looking statements. This discussion should be read in conjunction with the
consolidated financial statements of the Company and the related notes thereto.
Bankruptcy Proceeding
On March 10, 1999, the Company filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Southern District of Florida, case number 99-31134-BKC-PGH. On July 6, 1999, the bankruptcy court confirmed a Plan of
Reorganization effective August 2, 1999, whereby creditors' claims that were approved by the court were satisfied by the
issuance of one share of the Company's common stock in exchange for each dollar of debt of the approved claim. As a
result, the Company was discharged from any debt that arose before the date of confirmation. As a result of the confirmation
of the Reorganization Plan, the Company is no longer threatened by any litigation, claims, and assessments, which may have existed as of December 31, 1998. The Company's Reorganization Plan provided for an infusion of up to $800,000 in loans secured by the Company's assets. The Company received $311,920, net of expenses of $106,900, of funding under the Plan. The lender had the option of converting the loan to common stock of CFI at a rate of 2% of the Company's shares
outstanding per $80,000 funded to the Company after the effective date of the Plan. Conversion of this debt resulted in the
issuance of 2,004,986 shares. The Plan included claims by two financial institutions in the aggregate amount of $4 million. The Company issued 2,400,000 shares of its common stock in satisfaction of these claims, resulting in the recognition of
forgiveness of debt amounting to $3,100,000. The Company also had certain non-priority claims of $83,328 by employees
and former employees for unpaid compensation. During the Chapter 11 proceeding in 1999, certain non-management
employees were issued 750,000 warrants for the purchase of one share of common stock of CFI at $.39 per share in
satisfaction of claims totaling $83,328. The price represented 125% of the bid price on the effective date of the bankruptcy
plan, August 2, 1999. None of these warrants have been exercised at the present time. Additionally, the Company issued
68,415 shares of its common stock in satisfaction of $68,415 of liabilities to general creditors. The Company's Series "A",
"B" and "C" convertible preferred stock received an aggregate of 4.5 million shares of common stock in the reorganization.
The Company's reorganization under Chapter 11 was triggered primarily by the loss of the Company's credit facilities in
November 1998 and did not resume its mortgage business until the third quarter of fiscal 2000. The Company's
reorganization has been completed, but the Company has not filed for discharge from Chapter 11, which it intends to do in
the near future.
Acquisitions
Beginning in January through August 2000, the Company acquired Inventek, Inc. in exchange for one share of each of the
Company's Series 2 and 3 Convertible Preferred Stock, without dividend rights, and common stock purchase warrants. The
Series 2 Convertible Preferred Stock has a par value of $700,000 and 1,000,000 common stock purchase warrants valued
at $380,000, for an aggregate value of $1,080,000, for sixty-five percent of Inventek, Inc. The Company acquired the remaining 35% of Inventek, Inc. in exchange for 300,000 shares of the Company's common stock and 30,000 common
stock purchase warrants at exercisable at $.5250 per share (120% of the Company's closing price on the day of closing). In
connection with the acquisition, the Company agreed to contribute $250,000 to Inventek, Inc. as additional paid-in capital.
Though December 31, 2000, the Company had contributed $229,000. The Series 3 Convertible Preferred Stock has not
been issued. The par value of the Series 3 Convertible Preferred Stock will be equal to two times net profits from software
operations for the twenty-four month period beginning February 2000, less $1 million in initial consideration, not to exceed a
cap of $5 million in the aggregate. The Class 2 preferred stock is convertible into such number of shares as is determined by
dividing the par value by the average closing asked quotation of the Company's common stock over the last five days prior to
election of conversion. If converted on December 31, 2000, the number of shares into which the Class 2 preferred stock
would have been converted into was 2,912,985 shares. The Class 3 preferred stock will be convertible into the Company's
common stock on the same basis as the Class 2 preferred stock, except the applicable closing asked quotation will be from
the last five days in the twenty-four month period during which the par value is determined.
On June 13, 2000, the Company acquired two commercial office buildings in Evansville, Indiana in exchange for shares of the
Company's Series 4 and 5 Convertible Preferred Stock, without dividend rights, and stock purchase warrants exercisable for
the purchase of 750,000 shares of its common stock at a price of $.15, $35 and $.50 per share for each incremental
250,000 shares. If converted on December 31, 2000, the number of shares into which the Series 4 preferred stock would
have been converted into was 1,353,786 shares. The buildings have been appraised at a value of $2,550,000 with the
mortgages and liens aggregating of approximately $1,200,000 at December 31, 2000. The Company has treated the
difference between the appraised value of the assets acquired and the liabilities assumed as the value of the Series 4 preferred stock. The transaction resulted in goodwill in the amount of $117,200. These properties are held for investment for the purpose of securing credit facilities and meeting capital requirements for licensing standards. The Series 5 preferred stock was issued in connection with the property acquisition in anticipation of services to be rendered by the seller in the
development of the Company's mortgage business, with the par value of the Series 5 preferred stock equal to two and one
half times net profit from mortgage operations, less not more than one-half of the parent company's expenses and before
depreciation and amortization, during the eighteen month period commencing July 2000. Subsequent to December 31, 2000,
that person's employment by the Company was terminated for cause, with the consequence that he will not participate in
development of the Company's mortgage lending business. The Company intends to reduce the par value of the Series 4
preferred stock and cancel the Series 5 preferred stock, which could result in litigation. See, Item 3, "Legal Proceedings".
Results of Operations
Revenues. As a result of the loss of its credit facilities in November 1998, the Company discontinued its mortgage banking
operations. The Company did not have any operations during the year ended December 31, 1999 and revenues were limited
to $21,228. Revenues for the year ended December 31, 2000 are attributable to both the Company's increased development
and marketing of its computer software business through its subsidiary Surfside Software, and the beginning of its wholesale
mortgage lending business through its subsidiary First United MortgageBanc, Inc. in the third quarter of that year, resulting in a dramatic increase in revenues to $2,561,922 compared to 1999.
The Company recognized $1,168,314 of income for the year ended December 31, 2000, resulting from forgiveness of
indebtedness. This income arose from an assignment for the benefit of creditors and liquidation of a subsidiary, Direct
Mortgage Partners, Inc. (DMP).
Subsequent to year-end 2000, the Company discovered that its executive officer responsible for overseeing the Company's
mortgage lending operations had diverted approximately $40,000 in mortgage payment checks due to the Company to his
own company. Furthermore, the Company also discovered that this individual had misrepresented his officership on the
Company's warehouse credit application, resulting in the termination of the Company's line of credit. The Company has
applied for and expects to secure new warehouse lines, however, since it typically takes 60 - 90 days from application until
revenue from loan sales, the actions of the former executive officer will result in lower revenues for the first quarter of 2001.
The Company is seeking a criminal prosecution of this person for embezzlement. The Company believes that all the funds are in an account that has been frozen and is optimistic that it will be able to recover the funds in civil litigation.
Expenses
The Company recorded total operating expenses of $3,440,895 for the year ended December 31, 2000, compared to total
operating expenses of $3,686,191 for the year ended December 31, 1999. Selling expenses increased to $762,731 for the
year ended December 31, 2000 as a result of restarting wholesale mortgage lending operations in the third quarter, compared to none for the year ended December 31, 1999 due to the loss in the Company's credit facilities in 1998. The increase in selling expense was more than offset by a decrease in general and administrative expenses by $1,214,224 to $2,413,203 for the year ended December 31, 2000, compared to $3,627,427 for the year ended December 31, 1999. The primary reason for this decline in general and administrative expenses to 2000 from 1999 was due to a decrease in legal and accounting fees incurred in the Company's Chapter 11 reorganization and reduction in management compensation and consulting expenses for the year ending December 31, 2000. Legal and accounting fees declined by $315,985, to $141,569 for the year ended December 31, 2000, compared to $457,554 for the year ended December 31, 1999. Compensation costs and consulting expense declined by $839,714 to $2,058,231 for the year ended December 31, 2000, compared to $2,897,945 for the year ended December 31, 1999. Also, interest expense increased by $206,197 to $264,961 for the year ending December 31, 2000, compared to $58,764 for the year ending December 31, 1999. The increase is the result of interest expense attributable to the beginning of First United MortgageBanc's Inc. wholesale mortgage lending operations.
Net Loses
The Company generated a loss from operations of $878,973 for the year ended December 31, 2000, compared to
$3,664,963 for the year ended December 31, 1999. The turnaround in the financial position of the Company is primarily
attributable to resumption of the wholesale lending operations. The loss from operations is attributable to the first half of the
year before the Company resumed these operations. Without the loss from operations generated in the first six months of
2000, the Company would have had a profit from operations of approximately $185,000.
The Company's net income for the year ended December 31, 2000 was $3,163,486, which includes an extraordinary gain of
$4,436,530, compared to a net loss of $216,168 after preferred stock dividends of $197,576, and an extraordinary gain of
$3,646,371 for the year ended December 31, 1999
Liquidity and Capital Resources
The Company has been dependent on stock sales and third party borrowings to sustain its operations. In April 2000, the
Company sold 1,787,143 shares of common stock plus 1,787,143 warrants to purchase one share of CFI common stock at
$1.67 per share in a private placement for $500,400. Going forward, the Company believes that cash flow from operations
will be sufficient to fund operations. However, if additional funds are needed to support working capital or to complete
acquisitions, the Company would seek to raise such funds through one or more public or private financing of equity, or from
other sources. There is no assurance any such additional financing, if needed, will be available or, if available, that it would be on terms acceptable to the Company.
During the year ended December 31, 1999, 2,450 shares of series A, B and C preferred stock were converted into
5,025,521 shares of common stock and accordingly additional paid-in capital decreased by $50,230.
During 1999, the Company sold 15% convertible debentures under its Plan of Reorganization for proceeds of $311,920 net
of expenses of $106,900. The debentures were subsequently converted into 2,004,986 shares of the Company's common
stock.
During the third quarter of 1999, the Company borrowed $100,000 on a balloon note at 10% interest, which has been
repaid. As part of the consideration for that loan, the lender was granted 100,000 warrants to purchase common stock at a
price of $.20 per share, which represented 110% of the bid price on date of the loan agreement. Also, as part of that
transaction, a finders fee of $10,000 was paid together with 10,000 warrants to purchase one share of CFI common stock at
$.20 per share. Additional financing was provided by an affiliate who provided a line-of-credit of up to $150,000 with
interest charged at 9%. As an inducement to make this loan, a shareholder of the affiliate was granted 150,000 warrants for
the purchase of common stock at a price of $.25 per share, which represented 105% of the bid price as of the date of the loan.
This loan is outstanding.
In the last quarter of 1999, the Company sold two million shares of common stock to an individual investor in a private
placement for $300,000 and the investor received 150,000 warrants to purchase common stock at a price of $.25 per share,
which represents the 125% of the bid price on the date of the investment.
Net cash used in operating activities was $13,003,506 for the year ending December 31, 2000 the single largest component
of which was the increase in mortgage loans held for resale of $13,149,612, as a result of the Company's renewed financing
activities. Accounts payable, accrued expenses and other current liabilities decreased $1,201,552 to $1,199,871. Net cash
of $535,612 was used in investing activities, for software development cost for Surfside Software and the purchase of
property and equipment for general corporate purposes. Net cash of $13,562,625 was generated by financing activities. This
was primarily the result of the warehouse line of credit, which is used by First United MortgageBanc in its mortgage
operations, and proceeds from the sale of the Company's securities for approximately $455,000.
Net cash used in operating activities was $705,217 for the year ending December 31, 1999. Accounts payable, accrued
expenses and other current liabilities increased $488,169 to $2,401,423. Net cash of $29,689 was used in investing
activities. The substantial portion being $25,000 paid out in connection with a note receivable to Surfside Software in
anticipation of acquiring it. Net cash of $740,109 was generated by financing activities. This was primarily the result of
$611,020 raised through the issuance of convertible debentures and common stock.
Working capital at December 31, 2000 was a deficit of $1,066,324 compared with a deficit of $2,442,858 at December 31,
1999, an increase of $1,376,534. The decrease in the deficit is primarily the result of the Company's improved operating
efficiency.
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