1/28/04 PR
Maybe something is finally going to happen with these guys(?)
Ocean West Begins Integration With Freedom Mortgage [DDPGVMW]
Business Editors/Real Estate Writers
TUSTIN, Calif.--(BUSINESS WIRE)--Jan. 28, 2004--Ocean West Holding
Corp. (OTCBB:OWHC), announced today that its integration with Freedom
Mortgage Corp. of New Jersey is underway. As previously announced,
Ocean West and Freedom Mortgage have entered into an agreement whereby
Ocean West will manage a new division for Freedom Mortgage. Under the
agreement, Ocean West will transfer its "net branch" network, its
Wholesale Broker Division, and its Retail Branch Operations to Freedom
Mortgage. Upon consummation of the agreement, Ocean West will continue
to manage the transferred operations and seek to notably increase the
current levels of production. As stated in the agreement, Ocean West
will receive 45% of the net profits generated from such operations.
Ocean West's CFO, Daryl Meddings, said, "By entering into this
agreement with Freedom, Ocean West greatly enhances its earning
potential by gaining access to large warehouse lines. This arrangement
will enable the division to bank its production instead of being
forced to broker it to outside institutions. Banking the production
significantly increases the earnings potential on each individual
loan, as well as the entire operation. We have been working towards
establishing a relationship like this for a long time and we are very
excited about the opportunity it brings."
Mark Stewart and Daryl Meddings, Ocean West's current executive
officers will receive new compensation packages from Freedom Mortgage
that are commensurate with their current compensation levels.
The final approval of this transaction is subject to Ocean West
obtaining stockholder approval of the agreement. Ocean West currently
expects the transaction to close on or around March 31, 2004.
About Ocean West
Ocean West Holding is a publicly traded mortgage banking company
(OTCBB:OWHC). 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.
--30--JE/np*
CONTACT: Ocean West Holding Corp., Tustin
Mark Stewart, 714/247-4228
KEYWORD: NEW JERSEY CALIFORNIA
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION REAL ESTATE BANKING
MARKETING AGREEMENTS
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