CFI Mortgage, Inc. to Acquire Trandata, Inc. for Expansion Into the Global Intermodal Freight Market
CLEARWATER, Fla.--(BUSINESS WIRE)--May 7, 2001--CFI Mortgage Inc.(OTCBB:CFIM - news) has executed a Letter of Intent to acquire 100% of the Class A common stock of Trandata, Inc., of Miami, FL, for an unspecified amount of cash and
stock.
Trandata has spent the last 10 years in researching and developing total intermodal information technology solutions to serve the drayage, freight forwarding, customs brokering and bonded warehousing companies. Trandata's CEO and Founder, Kaz Chary, who holds a BS Degree in Management Information Systems from the University of Connecticut, has designed and developed his own EDI-based warehouse management system that downloads orders from host systems such as Home Shopping Network, Office Depot, Sony Universal (NYSE:SNE - news), and Disney Studios. Wireless automated
projects included those for companies such as British Airways (NYSE:BAB - news; baggage tracking and sorting system), Port of Miami-Dade County, Royal Caribbean (NYSE:RCL - news) and Target (NYSE:TGT - news). He also holds several certifications in software applications and operating systems Trandata Corporation is an Application Service Provider serving the intermodal industry and has immediate plans to expand from its base at the Port of Miami throughout southeastern United States covering key cities as Miami, Fort Lauderdale, Jacksonville, Charleston, Savannah and Atlanta. Clients include East Florida Hauling (the largest drayage company in south Florida), Roadrunner Trucking (second largest) and Amcar Freight Forwarding (NVOCC Bonded Warehousing and Freight Forwarding).
Intermodal information technologies can be defined as those technologies involved in acquiring, storing, processing, and distributing data and information by electronic means (including radio, television, telephone, and computers) between two or more different modes of transportation in such a way that all parts of the freight-transportation process are efficiently connected, seamless, coordinated, and continuous.
Trandata's mission is to revolutionize the intermodal industry by unveiling an XML-based, easy-to-understand EDI format via
a methodical implementation of technology infrastructures serving all entities in the import/export market without visibly
imposing the complexities of business transactions.
In March 2001 Trandata released DMS2000, an ASP-based Drayage Management System, available in English and
Spanish platforms, its first of five web based software systems comprising the intermodal suite. Since the introduction,
Trandata has amassed 30 users and has commitments to add 20 more by the end of May. For the first time in this industry,
customers (customs brokers, freight forwarders, steamship lines, suppliers/distributors) can enter orders into the Internet
replacing the traditional faxing, which is most often handwritten or generated off their legacy systems.
Steve Furniss, President and CEO of the Surfside Software Division stated that, ``The synergy between Surfside and
Trandata will yield rapid expansion. Our existing software products and our development team will blend cohesively with the
Trandata group.'
Stephen E. Williams, Chairman and CEO of CFI Mortgage, Inc stated that, ``The combining of Surfside and Trandata allows
us to become a much stronger competitor for the massive global market that is still virtually untouched as to our product
applications. Revenues from Trandata's initial target market of the southeastern United States alone are expected to exceed
$15 million. The South American market is the next step in our progressive attempt to globalize the market of this unique
product.'
CFI provides mortgage services through a large network of mortgage brokers and financial professionals. CFI's goal, through
acquisition and internal growth, is to be a diversified leader creating custom software that provides technology-based business solutions for the national and international marketplace, as well as a leader in the mortgage industry. For more information on CFI please visit the Company web site at www.cfiinc.com or that of Responsive Research at www.responsiveresearch.com where you can subscribe, free of charge, to its mailing list for press releases, investor updates and market letters, which will keep you apprised of all late breaking CFI news.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ
materially from actual future events or results. Forward-looking statements are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth
in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Contact:
Responsive Research, Inc., Coconut Creek, Fla.
Investor Relations:
Richard C. Winkel, 954/977-8699
info@responsiveresearch.com
or
CFI Mortgage, Inc., Clearwater
Investor Relations:
Marlene Noren, 727/674-1010
mnoren@cfiinc.com
