JUPITER, Fla.--(BUSINESS WIRE)--Nov. 22, 2002--America's Senior (OTCBB:AMSE - News) announced today that its Jupiter Mortgage Corporation subsidiary (JMC) has entered into an agreement to acquire the assets and operations of a multi-unit retail mortgage originator located in central Florida. The candidate is considered a leader in its trading area. In August 2002, the parties executed a non-binding Letter of Intent. Since then the parties have been conducting mutual due diligence. Assuming a satisfactory conclusion to the due diligence process and other matters related to this acquisition, the transaction could close during December 2002. The parties are working diligently to cause this to happen. However, there can be no assurances that all conditions necessary to a closing can be satisfied during December.
If closed, the acquisition should contribute an estimated $50 million to JMC's 2003 retail loan production. The acquisition is expected to add over $1 million to JMC's 2003 gross revenues from actual loan production. If closed, JMC should then be operating 19 loan production offices with 10 in Florida and the balance out of state.
Recently AMSE announced record third quarter 2002 loan production and revenues, and reported a quarterly profit. AMSE's year-to-date results are available at http://www.freeedgar.com.
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