NEWS!!!!!!!!
Vision Real Estate Management and Development to Add $42,000,000 to Company
Friday May 14, 4:09 pm ET
ALBANY, N.Y.--(BUSINESS WIRE)--May 14, 2004--Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD - News), today announced it has signed of a letter of intent to acquire MEM Financial Solutions, Inc.
"MEM Financial Solutions has experienced a double digit growth rate, year over year, for the past several years," stated Mr. Mark McLeod, CEO and Founder of MEM Financial Solutions, Inc. Mr. McLeod is currently a member of Vision Real Estate Management and Development, Inc.'s board of directors. "We, at MEM Financial Solutions, are very excited to join the family at VRMD. We are ready for the increased growth that being part of a public company will enable us to achieve."
In 2003, MEM Financial Solutions, Inc. had revenues of $42,000,000. In 2004, given current revenue streams, MEM expects revenues to exceed $75,000,000.
"The acquisition of MEM Financial Solutions will result in dynamic growth in revenues and earnings for VRMD," stated Daniel J. Duffy, Vice President of Vision Real Estate Management and Development. "We anticipate that this merger will close at approximately the same time as the OM Company acquisition is completed."
MEM Financial Solutions is currently licensed as a mortgage broker throughout the Northeast, and is pursuing to be licensed in every state in the union by 2005, with a total operating volume of $42,000,000.00 in 2003. With branch offices in Clifton Park New York, Glens Falls New York, Albany New York, Port Saint Lucy Florida and headquarted in Half Moon New York. MEM Financial Solutions offers purchase, refinance, construction and equity loans to the conventional, Sub -Prime, Jumbo, modular & Manufactured home markets, as well as products securing commercial property, through over 120 mortgage lenders.
MEM Financial Solutions, Inc. was founded by Mr. Mark McLeod in 2000. The company has grown to 31 employees, has completed 1050 mortgages since inception, and its total revenue since inception is $130,000,000. The company currently has 4 mortgage offices and is waiting on approval to open the 5th.
Forward-Looking Statements the private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond control of the company, actual results may differ materially from the expectations expressed in the forward-looking statements.
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Contact:
Vision Real Estate Management and Development, Inc.
Daniel J. Duffy, 518-862-1676
WWW.VRMDCORP.COM
