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Clear Choice Financial Inc. Announces Expansion of Board of Directors and New CEO.

TEMPE, Ariz. -- Clear Choice Financial, Inc. (OTCBB:CLRC) recently expanded its Board of Directors from two positions to five, and is pleased to announce today the appointment of Chad Mooney, Andrew J. Formato, and Larry D. Eiteljorg to the Clear Choice Financial, Inc. Board. Their appointment was effective July 18, 2006.

Mr. Mooney will serve on the Audit, Compensation and Nominating and Corporate Governance Committees, Mr. Formato will serve on the Audit and Compensation Committees, and Mr. Eiteljorg will serve on the Audit and Nominating and Corporate Governance Committees. Each of the new directors will serve on the Board until the next annual meeting of shareholders at which time they are each expected to be nominated for a new, full one-year term. There were no arrangements or understandings between the new directors and any other persons pursuant to which the directors were selected.

Mr. Mooney was also appointed, effective July 20, 2006, to the position of the Company's Chief Executive Officer. "I am thrilled, along with my two new fellow board members, Andy Formato and Larry Eiteljorg, to be joining Clear Choice," stated newly installed CEO Chad Mooney. "This is a very dynamic company with enormous opportunity to participate in, and lead, the sub-prime lending and related businesses in the multi-billion dollar financial services sector. With Clear Choice Financial having completed the acquisitions of Bay Capital and Allstate Home Loans, we now have the platform to grow our business to meet the demand of the over $1 Trillion worth of loans coming due over the next 18 months. Our strategy moving forward will include growing CCF through additional acquisitions and synergistic partnerships."

Chad Mooney

Since March of 2006 to the present, Chad Mooney acted as a self-employed advisor and consultant. From 2004 until March 2006, he acted as the Director of Investments at Wachovia Securities. Prior to joining Wachovia, he was Director of Investments with Smith Barney from 1990 to 2004. Mooney is a Lifetime Associate and Board Member of Pepperdine University in Malibu and is involved with numerous charities and organizations in the San Diego area. Mooney received a degree in History from Trinity College in Hartford, CT.

Andrew J. Formato

In 2002, Andrew Formato joined Weeden & Co., a leading securities firm based in Greenwich, CT, where he presently acts as a Managing Director and also serves on the Senior Management Committee. From 2000 until the time he joined Weeden & Co., Formato acted as the co-head of OTC sales trading at Canadian Imperial Bank Corp. From 1996 until 2000, he worked as a senior sales trader for Sanford C. Bernstein and prior to that time as an institutional sales trader at Smith Barney. Formato is involved in various local charities and committees and serves on the board of the New York Athletic Club as well as M.I.N.T., a local children's charity. Formato received a degree in economics from Trinity College in Hartford, CT.

Larry D. Eiteljorg

Larry Eiteljorg is currently the President and CEO of Reliant Window, Century One Builders and Aegis Window and Door, a privately held affiliated group of specialty construction contractors and window manufacturers improving homes in the Southwest since 1984. Prior to 1984, Eiteljorg was a home builder in Kansas City, Missouri. From 1998 to 1999, he was the CEO of Aegis Funding and Mortgage, a privately held Colorado corporation offering prime and sub-prime loans. Since 1992, Eiteljorg has been working with the mortgage industry to provide secondary financing for home owners. Eiteljorg studied at the University of Colorado.

This news release contains forward-looking statements and discussion regarding results and operations in the future. Actual results and operations may vary and are subject to a number of risks including those described in our filings made from time to time with the Securities and Exchange Commission.
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Publication:Business Wire
Date:Aug 2, 2006
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