America's Senior Financial Services Finalizes Acquisition of Jupiter Mortgage Corp.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. LAKES, Fla.--(BUSINESS WIRE)--Aug. 19, 1999-- America's Senior Financial Services (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AMSE AMSE American Museum of Science & Energy (Tennessee) AMSE Aircraft Maintenance Support Equipment (Canadian Forces) AMSE Advanced Mass Sender Enterprise ) Thursday announced the closing of the acquisition of Jupiter, Fla.- based Jupiter Mortgage Corp. The agreement includes Jupiter Mortgage's four offices in Florida and Colorado. "In 1998 Jupiter Mortgage closed $150 million in forward mortgage production. This is a key acquisition that strengthens AMSE's Florida strategy and allows us to enter the very promising Colorado marketplace," said Nelson Locke, chairman of AMSE. "By adding an additional group of loan originators, we will cross train to seek out seniors and introduce them to our reverse mortgage products." Founded in 1990 and specializing in reverse mortgages designed for seniors, America's Senior is among the top five largest providers of reverse mortgages in the nation and is the only public mortgage company focusing on the senior audience. In 1999, America's Senior expects to originate more than $500 million in forward and reverse mortgages and cover 39 states with representatives and/or offices throughout the Midwest and Southeast. The company has two dozen dedicated reverse mortgage specialists in the state of Florida alone. Reverse mortgages are insured by HUD and offered by both FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). and Fannie Mae (NYSE NYSE See: New York Stock Exchange :FNM). The concept has been endorsed by the AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million , among others, as a viable source for retirement cash flow. AMSE, whose website address is (www.americassenior.com), is a founding member of the National Reverse Mortgage Lenders Association (www.reversemortgage.org). This release contains forward looking statements including, without limitation, statements relating to the company's plans, expectations, intentions and adequate resources, and are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For further information please visit AMSE's website at (www.valuefinancial.com) or call our investor relations representative Laura Bennett at 407/425-6040. |
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