Crown NorthCorp Announces Restructuring.Business Editors COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 4, 2000 CROWN NORTHCORP (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASET ASET Alberta Society of Engineering Technologists (Canada) ASET Automated Security Enhancement Tool ASET Australian Society for Educational Technology ASET Application Specific Engine Technology )--Crown NorthCorp Inc. announces a series of moves to restructure its operations and concentrate its business on specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. activities. The moves follow the recent decision of Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings, which was the company's largest customer, to consolidate all of its servicing relationships in another company. As part of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , members of senior management have resigned but are providing assistance to Crown through a transitional period. The company has also implemented certain other staff reductions and closed certain offices. Going forward, Crown will operate through a servicing center in Austin, Texas and an administrative office in Columbus. Ronald E. Roark will now serve as chairman and chief executive officer of Crown. In announcing the restructuring, Roark said, "The steps the company is undertaking are designed to properly size the company to serve its clients and to maximize the value of our loan servicing personnel and systems. We believe this restructuring positions Crown to continue to provide the specialized loan servicing for which it is known and to be ready to provide expanded services as market or economic conditions warrant." This press release contains 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. including, without limitation, statements regarding the outlook for future operations and Crown's efforts to develop and expand business lines or to implement other business plans. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described herein. These risks and uncertainties include, but are not limited to, developments in the capital markets, economic conditions, increased competition in the markets Crown serves and the financial capabilities of the company. We refer you to the documents Crown files with the Securities and Exchange Commission from time to time that contain additional, important factors that could cause its results to differ from its current expectations and the forward-looking statements contained in this press release. |
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