OWHC - Ocean West Holdings (fka OWHC)

[scruffy89]

WED 7/21/04 PR - 2 versions

#1

http://www.knobias.com/individual/public/news.htm?eid=3.1.da9289f4d0ffd930f1fb436ac24cdd86ab71bf718f...

Wednesday, July 21, 2004 08:38 ET

Consumer Direct of America (CSUA) announced that it has executed an agreement to acquire, for a combination of stock and cash, Ocean West Holding Corp. (OWHC). Closing of the acquisition is valued at approximately $5 million. Both organizations have combined mortgage loan production that tops $150 million monthly. Ocean West is now a banking subsidiary of Consumer Direct of America, and will continue to do business under its current name and from its current locations.

#2

http://www.knobias.com/individual/public/news.htm?eid=3.1.ddbcb7c7a81085960d95b8764f6efc80dbeb5d50a4...

Wednesday, July 21, 2004 08:00 ET

LAS VEGAS, Jul 21, 2004 (PRIMEZONE via COMTEX) -- Consumer Direct of America (OTCBB:CSUA) (CDA), a fast-growing mortgage provider, today announced that it has executed an agreement to acquire for a combination of stock and cash Tustin, CA-based Ocean West Holding Corp. (OTCBB:OWHC), a mortgage banking enterprise licensed as a mortgage bank in 38 states, and writing approximately $1.1 billion in mortgages in 2003. Closing of the acquisition, valued at approximately $5 million, is a milestone for both organizations whose combined mortgage loan production tops $150 million monthly.

Chairman & CEO Michael A. Barron said, "We have been working for some months on this business combination, and believe strongly that the synergies create a powerful marketing and funding force in the mortgage industry. On a combined basis, we now have loan volume in excess of $150 million per month with over 76 branch locations. We have over 750 employees, and are able to expand our banking products into many more geographic markets. We anticipate that together we will be generating significant revenue and profits by the end of 2004."

Mark Stewart, Chairman and CEO of Ocean West stated, "Together we will greatly expand our mortgage banking profit center by adding additional warehouse banking capacity -- which in turn will give us more than enough room to double our revenue over the next six months. We expect to be banking $80 million per month later this year, which should yield between 1% -- 2% of that volume in additional revenue per month."

For 2003 CDA had closed-loan volume of $815 million, which generated $8.9 million of revenue; Ocean West had closed-loan volume of $1.1 billion, which generated revenue of $14 million. The new Consumer Direct of America would account on a pro forma basis for over 8,000 loan transactions in 2003.

Ocean West is now a banking subsidiary of Consumer Direct of America, and will continue to do business under its current name and from its current locations, although both companies will examine redundancies to maximize the effects of consolidating the two businesses. Barron will remain Chairman and CEO of Consumer Direct of America; Stewart will continue as President of Ocean West and will join CDA's Board of Directors.

About Ocean West................