On CSUA/OMOG:
Consumer Direct of America is a publicly traded company (OTCBB: CSUA) The company spent the past few years acquiring and growing its wholly owned subsidiary, Shearson Home Loans, Inc. CSUA successfully grew this division to employ over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who closed loan volume of over $1 billion for the year ended December 31, 2004. This entity was recently acquired by Paragon Financial Corporation (OTCBB: PGNF) in a transaction valued at $16 million Consumer Direct of America currently has signed a letter of intent with OMDA Oil & Gas to acquire 90% of a Horizontal play in Panola County Texas.
This from the last 10K
Company History
We originally operated as an online healthcare destination under the name PlanetRX.com. In mid-2001 we began the process of liquidating our online health store and seeking a merger partner as an alternative to complete liquidation.
On May 31, 2002, the Company merged with Paragon Homefunding, Inc. (“Paragon Delaware”), a privately held development stage company based in Ponte Vedra Beach, Florida, formed for the purpose of entering the financial services market through acquisitions. Paragon Delaware was incorporated in Delaware on August 3, 2001. For financial reporting purposes, the merger has been accounted for as a recapitalization of Paragon Delaware with Paragon Delaware viewed as the accounting acquiror in what is commonly called a reverse acquisition. Accordingly, the financial statements presented before the merger are those of Paragon Delaware.
As a result of the merger, a new board of directors was elected and new officers were appointed. On December 26, 2002, we changed our name to Paragon Financial Corporation (“PFC”).
On January 31, 2003, we completed our acquisition of Mortgage Express, Inc. (now known as PGNF Home Lending Corp.) (“PGNF”). PGNF was a mortgage bank focused on the wholesale sub-prime credit market. On May 31, 2004, we divested PGNF and exited the mortgage banking business. PGNF is shown as discontinued operations in the “Management Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 15, our financial statements beginning on page F-1, and elsewhere in this Form 10-K.
On February 4, 2003, we completed the acquisition of Paragon Homefunding, Inc. (“PHF”), a Florida corporation focused primarily on the brokering of conforming loans. PHF represents our continuing operations in the “Management Discussion and Analysis of Financial Condition and Results of Operations” beginning on page 15, our financial statements beginning on page F-1, and elsewhere in this Form 10-K.
On January 19, 2005, we completed the acquisition of First Charleston Mortgage LLC (“FCM”), a South Carolina limited liability company focused primarily on the brokering of conforming loans.
AI
