Adfitech Inc (fka ADFT)

[Enterprising Investor]

Mortgage Connect, LP Completes its Acquisition of ADFITECH, Inc., and is Positioned to Deliver Comprehensive "Life-of-Loan" Services and Solutions (4/08/22)

EDMOND, Okla., April 8, 2022 /PRNewswire/ -- Mortgage Connect, LP ("Mortgage Connect"), a national mortgage service provider, announced today that it has successfully completed the previously announced acquisition of ADFITECH, Inc. (OTC: ADFT) ("ADFITECH") in an all-cash merger transaction valued at approximately $29 million. As a result of the transaction, holders of ADFITECH's common stock are entitled to receive $3.717451 per share in cash with the aggregate amount rounded to the nearest whole cent. ADFITECH is a leading provider of mortgage services in North America.

Tom Apel, Chief Executive Officer of ADFITECH, said "We are pleased to join forces with Mortgage Connect, an organization with a solid reputation for customer service within the mortgage services industry. We appreciate the support of our valued customers and the talented ADFITECH employees and management as we continue to work together to provide the highest quality outsourced mortgage quality control, due diligence and mortgage fulfillment services in the future."

The Coury Firm served as the exclusive financial advisor to Mortgage Connect and SmithAmundsen LLC served as legal advisor to Mortgage Connect. Cowen served as financial advisor to ADFITECH and McAfee & Taft served as legal advisor to ADFITECH.

About Mortgage Connect LP

Mortgage Connect is a Pittsburgh, PA headquartered national mortgage service provider, serving the Origination, Default, Valuation, Critical Communications, and Capital Markets sectors. With additional offices in New York, Texas, California, Colorado, Nevada and Alabama, the company offers customizable solutions to the nation's lenders and servicers, including 9 of the top 10 and 17 of the top 20. Through its serve-first culture, Mortgage Connect and its subsidiaries are committed to an unwavering level of communication, education and customer service on each transaction and strive to leave an overwhelmingly positive and lasting impression with the consumer, loan officer and the client. For more information, visit www.mortgageconnectlp.com.

About ADFITECH, Inc.

Founded in 1982, ADFITECH has earned an impeccable reputation in the mortgage industry as the premier provider of outsourced mortgage quality control, due diligence and mortgage fulfillment services. From its 15-acre corporate campus in Edmond, Oklahoma, ADFITECH's army of dedicated employees review and validate countless pieces of critical information vital to the wellbeing of an ever increasingly regulated mortgage industry. For more information visit www.adfitech.com.

https://www.prnewswire.com/news-releases/mortgage-connect-lp-completes-its-acquisition-of-adfitech-inc-and-is-positioned-to-deliver-comprehensive-life-of-loan-services-and-solutions-301521051.html