PE pennies

[sweetpepperjam]

RNTL - .06 x .10 now with news.. (Posted below) 
  
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Rockwood Announces the Acquisition of Elite Home Loans, Inc.

BOCA RATON, FL, Dec 22, 2010 (MARKETWIRE via COMTEX) -- Rockwood National Corp. (PINKSHEETS: RNTL) ("Rockwood") announced today that following the successful reverse merger with AmRes Services Group, Inc., in November, 2010, it has closed on the acquisition of Elite Home Loans, Inc., a private Tennessee-based HUD Full Eagle mortgage lender ("Elite", www.myeliteloans.com). In exchange for the 100% ownership interest in Elite, Rockwood will issue US$200,000 in capital stock pro rata to the shareholders of Elite at closing, and pay an additional performance earn out to Elite based on net profitability over the next 2 years. The total value of the transaction is estimated at US$2 million.
Gary A. Fioretti, Chief Executive Officer of Rockwood, stated: "Elite is the first of a number of planned acquisitions by Rockwood to implement its core business model of aggregating mortgage lending and real estate operations nationally. Having steadily grown over the last 6 years to more than US$120 million in residential loan production, and along with its strategic alliance with a nationally-branded, multi office real estate brokerage to provide purchase money mortgage financing, Elite is poised to significantly grow its profitability in the coming quarters. We are extremely pleased that Elite has become a part of the Rockwood family."

Gary further added that "Rockwood will strengthen the balance sheet of Elite with additional capital to allow for increase of its existing warehouse credit facilities. This will enable Elite to facilitate residential loan production growth at an accelerated rate, while simultaneously allowing the planned office expansion in surrounding states."

About Rockwood National Corp. Rockwood is a diversified, national real estate services company focused on the primary components in the industry. By pursuing a strategy of providing complete default loss mitigation (REO & Short Sale), real estate brokerage, full mortgage origination and title service capabilities, Rockwood's goal is to quickly capture market share in each sector and become the preferred "one-stop" provider of choice. At the end of the current distressed asset lifecycle, Rockwood anticipates having built an unmatched national real estate and mortgage distribution channel for continued production, and be in superior position to offer portfolio retention services to financial institutions across the country. By monetizing the activities of its core components through internal operations as well as the referral and revenue sharing with its strategic partners, Rockwood views the development of this professional network as a valuable asset to drive earnings while simultaneously creating continued growth opportunities. It is these same preferred partners that ultimately will become the next acquisition candidates as Rockwood continues to grow its nationwide distribution network.