Consumer Direct of America Closes On Its Acquisition of Lending Services Corp./Las Vegas Mortgage.

Business Editors

SANTA ANA, Calif.--(BUSINESS WIRE)--June 11, 2002

Consumer Direct of America (OTCBB:CDIT) today announced that it has closed on its acquisition of Lending Services Corp. of Las Vegas.

The acquisition included all operating aspects of the company including its Las Vegas Mortgage Co., its five net branch offices and Las Vegas Realty Co., a real estate brokerage business.

Lending Services had closed loan volume of $230 million in 2001 and through the first five months of 2002 already has loan volume of more than $117 million, a 30 percent increase over the prior year. Gross revenue for the first five months of 2002 is more than $4 million, running approximately 40 percent ahead of the same period in 2001.

Weeks prior to the closing, Consumer Direct had already begun utilizing its network of call centers to generate a material number of leads for Lending Services which are expected to both significantly increase loan volume and profitability.

Consumer Direct provides direct marketing, home financing and value membership services to individuals and businesses via sophisticated proprietary outbound/inbound telesales, direct mail and broadcast dialing programs. The company has already established itself as one of the most successful resellers of local and long-distance telephone services to businesses in the United States.