Amstar Financial Services Restructures Correspondent Platform -- Reducing Related Expenses $350,000.Business Editors JUPITER, Fla.--(BUSINESS WIRE)--Jan. 5, 2004 Amstar Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMAF AMAF ASEAN Ministers on Agriculture and Forestry AMAF American Medical Association Foundation AMAF Arab Muslim American Federation AMAF And My Amazing Friends (gaming clan) AMAF Automated Message Accounting Frame ) announced effective 12/31/03 major changes to its "Synergy Mortgage Solutions" Correspondent Lending Platform. Based on volume projections for 2004, these changes should result in expense reductions of $350,000 or more and push the platform into profitability. This restructuring will keep Amstar in the correspondent market with fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). held to a minimum. By taking these actions the platform's threshold to profits has been substantially lowered. Effective January 5th 2004 - Synergy Mortgage Solutions has re-located to Amstar's Miami facilities. The new mailing address is 10800 Biscayne Blvd. - Suite 500; Miami FL 33161. The Synergy phone numbers and Internet addresses shall remain the same. Charles Kluck and a team of Miami-based executives will manage Synergy's correspondent base and file input. Synergy's priority shall be expanding its business relationships with Florida based correspondents. Amstar's "Branch Partners" platform will continue in developmental stage with plans to launch upon Amstar's receipt of the necessary institutional funding. Caution Concerning Forward-Looking Statements: 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 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from civil litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. for forward-looking statements. This news release contains information regarding the Company's restructuring of its Correspondent Lending Platforms. It is uncertain if this will have an effect of any kind on our future business results. Our results are subject to risks and uncertainties that could cause our actual performance to differ materially from those previously expected and discussed in prior press releases or SEC filings. Factors that might cause such a difference include the possibility of lower revenues for the balance of the fiscal year, greater than anticipated operating costs, issuance of additional shares, the outcome of other litigation, the decline of availability of mortgages at reasonable rates, and a downturn in general economic conditions. These forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. To contact Investor Relations Investor relations The process by which the corporation communicates with its investors. , email the Company at info@americassenior.com. The Company's web addresses are http://www.americassenior.com http://www.synergy-mortgage.com and http://www.jupiter-mortgage.com |
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