OWHC - Ocean West Holdings (fka OWHC)

[slow_feet]

1/21/2004 PR
Ocean West Announces Agreement With Freedom Mortgage

http://biz.yahoo.com/bw/040121/215728_1.html
Wednesday January 21, 1:59 pm ET
TUSTIN, Calif.--(BUSINESS WIRE)--Jan. 21, 2004--Ocean West Holding Corp. (OTCBB:OWHC - News), through its subsidiary Ocean West Enterprises, Inc., a Mortgage Banking Company, has entered into an agreement with Freedom Mortgage Corp. of New Jersey. Under the new agreement Ocean West will manage a "new division" of Freedom Mortgage. The agreement enables both Ocean West and Freedom to increase their loan originations by utilizing Freedom Mortgage Corp.'s warehouse lines. Ocean West has agreed to split the net profits of this new division with Freedom Mortgage Corp. for the use of Freedom's warehouse lending facilities. Freedom Mortgage currently has approximately $240 million in warehouse lending capacity.
Ocean West's CEO, Mark Stewart, stated, "This agreement will give Ocean West the ability to increase its loan production to levels it currently could not achieve. It is anticipated that the increased loan production will enable Ocean West to maximize its shareholder value by achieving sustained profits and increase its presence in the Mortgage banking industry."

Freedom Mortgage Corp. CEO, Stanley Middleman, said, "With our roots as a retail loan origination shop, this exciting relationship gives us the opportunity to diversify into other areas of the mortgage banking business."

About Ocean West

Ocean West Holding is a publicly traded mortgage banking company (OTCBB:OWHC - News). Ocean West Enterprises, its operating subsidiary, was founded in 1988, and shares of Ocean West Holding Corp. have been publicly traded since 2002. Ocean West currently operates over 90 branch offices and is licensed to do business in 42 states. In fiscal 2003, the company funded over $1,000,000,000 mortgage loans. For more information about the company, visit Ocean West's Web site at www.oceanwest.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that these forward-looking statements involve uncertainties and risks that could cause actual performance and results of operations to differ materially from those anticipated by these forward-looking statements. These risks and uncertainties include issues related to the ability to: obtain sufficient funding to continue operations, maintain adequate cash flow, profitably exploit new production, and the unpredictable nature of interest rates; and other risks detailed in documents filed by the Company with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein represent the Company's judgment as of the date of this release and the Company cautions readers not to place undue reliance on such statements. Words like "believe," "expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. The Company assumes no obligation to update the statements contained in this release.



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Contact:
Ocean West Holding Corp., Tustin
Mark Stewart, 714/247-4228



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Source: Ocean West Holding Corp.