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CSUA .075 B: Paragon Announces Acquisition of Shearson Home Loans From Cons
mer Direct of America, Inc. ( PR Newswire )
B: Paragon Announces Acquisition of Shearson Home Loans From Consumer Direct of
merica, Inc. ( PR Newswire )

PONTE VEDRA BEACH, Fla., Feb 07, 2006 /PRNewswire-FirstCall via COMTEX/ --
Paragon
Financial Corporation (OTC Bulletin Board: PGNF), a consolidator in the highly
fragmented financial services marketplace, announced today that it reached an
agreement to acquire Shearson Home Loans, Inc. from Consumer Direct of
America, Inc. (OTC Bulletin Board: CSUA). Under the agreement, Paragon will
issue to Consumer Direct of America the equivalent of four shares of Paragon's
common stock for each Paragon share and share equivalent outstanding.

Shearson Home Loans, Inc. is a fast-growing provider of residential
mortgages. It employs over 300 people, 250 of whom are residential mortgage
real estate brokerage professionals who had closed-loan volume of $1.1
billion, which accounted for over 6,435 loan transactions in 2004. Shearson
operates 54,000 sq. ft. of branch office space with 37 locations in 30 states.
The company is a consolidator of independent mortgage brokerages and has grown
rapidly during the last three years through acquisition and consolidation.

"We view Shearson as an ideal partner in our quest to consolidate the
mortgage brokerage industry," said Paul Danner, CEO of Paragon Financial
Corporation. "Not only do we share the same vision for the industry, but
melding our complementary management talent, business processes, and
geographic locations into a single operating entity should produce positive
tangible synergy," he added.

"With the completion of this transaction, we no longer have to advance the
theoretical concept of a desired end-state, but instead are able to clearly
demonstrate to prospective acquisition candidates a proven, fully-functional
operating platform," said Scott Vining, chief financial officer of Paragon.

About Paragon Financial Corporation

Paragon Financial Corporation (http://www.pgnf.com) is a financial
services business focused on the acquisition of companies that originate
mortgages loans or provide other financial services.

SEC Filings and Forward-Looking Statements

Certain information contained in this announcement are "forward-looking
statements." Paragon cautions readers that certain important factors may
affect actual results and could cause such results to differ materially from
any forward-looking statements which may be deemed to have been made in this
announcement or which are otherwise made by or on behalf of Paragon. The
forward looking statements are identified through use of the words
"potential," "anticipate," "expect," "planned" and other words of similar
meaning. These forward-looking statements may be affected by the risks and
uncertainties inherent in the mortgage industry and in the Company's business.
The Company cautions readers that certain important factors may have affected
and could in the future affect the Company's beliefs and expectations and
could cause the actual results to differ materially from those expressed in
any forward-looking statement made by or on behalf of the Company. The Company
undertakes no obligation to update forward-looking statements to reflect
events or circumstances after the date hereof. Factors which may affect
results include, but are not limited to, the ability to raise capital
necessary to sustain operations and implement the business plan, the ability
to obtain additional regulatory permits and approvals to operate in the
financial services area, the ability to identify and complete acquisitions and
successfully integrate acquired businesses, if any, the ability to implement
the company's business plan, changes in the real estate market, interest rates
or the general economy of the markets in which the company operates.
Additional information regarding Paragon is contained in the Company's Annual
Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
MEDIA CONTACT
PARAGON FINANCIAL CORPORATION
Scott Vining, Chief Financial Officer
904-285-0000
[e-mail]

SOURCE Paragon Financial Corporation
Scott Vining, Chief Financial Officer of Paragon Financial Corporation,
[phone], [e-mail]
http://www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
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