eLocity Signs Letter of Intent to Acquire FFS
CORONADO, Calif.--(BUSINESS WIRE)--April 25, 2002--eLocity Networks Corp. (OTCBB:ELOC - news) today announced that it has entered into a letter of intent to acquire Family Financial Solutions LLC (``FFS''), a Utah-based financial consulting firm that specializes in mortgages, insurance, estate and tax planning, and debt management.
ELOC intends to acquire FFS by issuing to its owner an undisclosed number of ELOC's common stock.
Founded in 1998, FFS has operations in Arizona, California, Ohio and Utah and predicts in excess of $2 million in service revenues for 2002. According to its president and CEO, James Cunningham, FFS is ``unique in that we focus on building wealth for middle class families, a market mostly ignored by the financial industry.'' Gauging from FFS's success, the FFS model clearly works.
FFS plans to expand operations by opening 10 new customer service offices by the end of 2002 and an additional 90 customer service offices over the next three years. ``We should have 20,000 agents and $50 million in revenues, by 2005,'' predicted Cunningham. Forecasts are contingent on FFS obtaining funding and based on certain industry assumptions.
For more detailed information on FFS, visit www.familyfinancialsolutionsllc.com.
Upon finalizing definitive agreements between the parties, Cunningham will be added to the board of directors of ELOC and will manage the FFS operations. Cunningham is a nationally recognized financial consultant and agency builder. The proposed acquisition of FFS is a continuation of ELOC plans to expand and diversify operations.
eLocity strongly encourages the public to read the above information in conjunction with its Form 10KSB for Dec. 31, 2001, and 10QSB for June 30, 2001 and Sept. 30, 2001. The above documents can be viewed at www.sec.gov.
A number of statements contained in this press release are forward-looking statements which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, competitive market conditions, successful integration of acquisitions, and the ability to secure additional sources of financing.
The actual results that eLocity may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should be aware that eLocity's business is subject to substantial risks arising from a number of areas, many of which cannot be reasonably foreseen.
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Contact:
Family Financial Solutions LLC
Bob Emmons, 801/269-1141
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