Burlington Securities Places Three Million Shares for IMN Financial Corporation.

MELVILLE, N.Y.--(BUSINESS WIRE)--April 28, 1999--

IMN Financial Corp. (OTC BB: IMNF) is pleased to announce the placement of three million shares of the company's common stock to a group of institutional investors in a private transaction. The selling shareholders were the former holders of the Series B convertible preferred shares. Burlington Securities Corp., the company's investment banker was the placement agent for the transaction.

Edward R. Capuano, CEO of IMN Financial Corp., said, "We are pleased to have attracted a high-quality group of institutional investors and transfer a significant amount of stock into stable hands. In addition, there was substantial interest in the private transaction, which we believe is a testament of our company's very exciting prospects - both for our traditional mortgage banking and our rapidly growing Internet mortgage business. More positive developments regarding our Internet business are expected."

IMN's principle business, through its wholly owned subsidiary Island Mortgage Network Inc. is mortgage banking through origination's and sale of residential mortgage loans under the guidelines of VA, FHA, Fannie Mae, and Freddie Mac. Island Mortgage Network Inc., has grown from a one branch operation in 1995 to a national mortgage banking company with forty-nine (49) branches operating in 22 states.

Except for the historical information contained herein the matters discussed in this news release include forward-looking statements that may vary significantly based on a number of factors, including but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, and other risk factors detailed in the Company's most recent annual report, and other filings with the Securities and Exchange Commission.