Anderson Acquires Larger Stake in Citizen's Title.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Nov. 1, 1999-- Anderson Computers/Tidalwave (Pink Sheets:ACPT ACPT Acceptance ACPT Apple Certified Portable Technician ACPT Accept ACPT American Crossword Puzzle Tournament ACPT American Community Properties Trust ACPT Automated Corporate Planning Tool ACPT Air Campaign Planning Tool ) announced today that the Company has acquired an additional 5.1% of Citizen's Title Services, Inc. The increased position now brings Anderson's ownership position to ten percent of Citizen's Title Services, Inc. Citizen's Title Services is a fully automated title insurance agent with offices in Fort Lauderdale and Melbourne, Florida Melbourne is a city in Brevard County, Florida, United States. As of the 2000 census, the city had a total population of 71,382. As of 2005, the population estimated by the U.S. Census Bureau is 76,646. . "We expect the mortgage and title insurance business over the internet to grow quickly like the online stock brokerage business has grown," stated Leon Kline, President of Anderson Computers. This increased ownership position fits exactly with the Anderson corporate strategy of acquiring mortgage related companies such as Citizen's Title Services. "Citizen's Title Services, Inc., which does in excess of $100 million in loan closings, is a key development for us into the Internet mortgage and related services industry," commented Kline. "Citizen's Title Services, Inc. is also fully Y2K compliant Capable of correctly processing any data that deals with a date beyond the year 1999. See Y2K problem. ." Analyst predictions indicate that mortgage loans over the Internet will soar to about $250 billion within the next five years. Potential homeowners and mortgage shoppers will be able to apply online and have pre-e*approval within minutes and will know the current mortgage rates, fees and programs. 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. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Except for historical information contained herein, the statements in the Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in the future periods to differ materially from forecasted results. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion