MBI Financial Retains Cameron Associates as Investor Relations Advisor.
DALLAS -- MBI Financial, Inc. (OTCBB: MBIF), a national financial services holding company that is consolidating regional mortgage brokerage companies into MBI Mortgage, Inc., its wholly owned subsidiary and mortgage banking operation, announced today that it has retained Cameron Associates, Inc., a full-service investor relations firm, as its investor relations advisor.
Cameron has been retained to assist MBI Financial in broadening its financial market presence and in establishing new relationships with the investment community and the financial media.
"MBI Financial entered the mortgage lending and financial services business in May of 2005 and is not well known to Wall Street," stated Patrick A. McGeeney, President and Chief Executive Officer of MBI Financial, Inc. "Over the course of the last year and a half we have made significant strides in organizing our capital structure, changing our name and ticker symbol, raising working capital through the issuance of debt and equity, and have begun executing on our business strategy to grow through acquisition in the mortgage brokerage industry. In a relatively short period of time we have created a company that has gone from zero in revenues, to an annual run rate of approximately $22 million having completed our first six acquisitions. We anticipate that during the next twelve months our revenues will continue to increase as we continue to evolve, bring on a full time CFO, negotiate terms on warehousing lines of credit for loan fundings, and undertake additional financing as our needs dictate. We expect to be able to announce eight or nine new acquisitions during the next year which would further our goals of driving top line growth and becoming cash flow positive with sufficient critical mass to be self sustaining. We believe that the mortgage origination industry is prime for consolidation and recent acquisitions reported last summer by large institutions such as Deutsche Bank, Merrill Lynch, Lehman Brothers, and more recently the Barclay's acquisition of EquiFirst Financial, appear to be validating this strategy."
Initial Acquisition Timeline:
* May 24, 2005: MBI Financial, Inc. acquires MBI Mortgage, Inc. as well as MBI Mortgage Management Corporation, a residential mortgage broker and loan originator in Houston, Texas. MBI Mortgage Inc. becomes the wholly owned subsidiary through which future acquisitions will occur.
* September 30, 2005: MBI Mortgage, Inc. acquires the assets of Lakeview Mortgage, a residential mortgage broker in Conroe, Texas.
* September 30, 2005: MBI Mortgage, Inc. acquires the assets of Northland Funding, a residential mortgage and loan originator in Austin, Texas.
* March 23, 2006: MBI Mortgage, Inc. acquires the assets of L&M Mortgage Investors, Inc. of San Antonio, Texas.
* June 30, 2006: MBI Mortgage, Inc. acquires the assets of New Horizons Financial, Inc., a residential mortgage broker in Anaheim, California.
* October 31, 2006: MBI Mortgage, Inc. acquires the assets of Merchants Home Loan, Inc, a residential mortgage broker and loan originator in Dallas, TX.
McGeeney also stated, "Our acquisition and consolidation strategy is well underway with our three most recent transactions being of particular interest. Our acquisition of L&M Mortgage in San Antonio, Texas has already provided us access to a burgeoning and thriving Hispanic community in the area and, the acquisition of the Anaheim, California mortgage brokerage firm is expected to provide us with the multi-state licensing we can use to grow our business on a national scale. Additionally, our acquisition of Merchants Home Loan in Dallas has provided us with a group of seasoned loan officers who we believe will have a positive impact on our growth. With acquisitions such as these, we feel that we are now more prepared to take a proactive stance in how we communicate with the investment community and we are looking to our relationship with Cameron to support this endeavor."
About MBI Financial, Inc.
MBI Financial, Inc. is a national financial services holding company that is in the process of consolidating regional mortgage brokerage companies into its wholly owned subsidiary and mortgage banking operation, MBI Mortgage, Inc. The company's strategy is to expand the acquired mortgage brokerage firms by setting up and receiving mortgage brokers' loans into its mortgage banking operation and to also grow these businesses with proven marketing programs, better and faster loan approvals, and the introduction of new and expanded loan programs. The company also believes that it can access untapped revenue potential within the mortgage origination process by creating significant cross selling opportunities and introducing a variety of financial services products at different levels of the mortgage origination and funding chain. Through initial acquisitions, MBI Mortgage, Inc. currently owns thirteen locations with offices in Dallas TX, Austin TX, Houston TX, Conroe TX, San Antonio TX, El Paso TX, Flower Mound, TX, Bedford TX, Laredo TX, Palantine IL, San Diego CA, Anaheim CA, Miami, FL and is expected to be licensed to operate in twenty four additional states by June 30 2007. For additional information, please visit the company's website at www.mbifinancial.com
About Cameron Associates, Inc.
Founded in 1976, Cameron Associates, Inc. is a New York City-based, full-service investor relations firm providing strategic counsel to a select group of public companies. The firm is particularly focused on assisting emerging companies in the U.S. who need guidance in achieving key business goals, such as improved visibility and reputation in the equity markets, proper positioning of complex financial transactions, and communicating critical corporate issues. Additional information about Cameron Associates can be found on the company's web site at www.cameronassoc.com.
This press release may contain statements deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act or Section 21E of the Exchange Act. Any statements that are not statements of historical fact may be deemed forward-looking statements. Forward-looking statements are not meant to predict or guarantee actual results, performance, events, or circumstances and may not be realized because they are based upon our current projections, plans, objectives, beliefs, expectations, estimates, and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Forward-looking statements may include, without limitation, statements concerning business, financial and growth strategies and objectives, revenues, costs and earnings projections, acquisitions, capital, liquidity, and assumptions relating to any of these statements. Factors that may influence forward-looking statements or cause actual results to differ materially from those described or anticipated by the forward-looking statements may include, without limitation:
* changes in interest rates;
* the Company's ability to get additional financing;
* the Company's ability to find, integrate, and improve suitable acquisition companies;
* other federal and state laws and regulations;
* general economic conditions;
* competitive factors and pricing pressures;
* our dependence on key producers, and services of key personnel;
* risks associated with acquisitions;
* changes in income taxes;
* significant intangible assets; and
* our dependence on information processing systems and risk of errors or omissions.
Because of the risks and uncertainties related to these factors and the forward-looking statements, readers are cautioned not to place undue reliance on the forward-looking statements. There can be no assurance that any events or results described in any forward-looking statement will actually occur or be achieved. We undertake no obligation to publicly revise the forward-looking statements to reflect events or circumstances that arise after the date hereof or to reflect the occurrence of unanticipated events or circumstances. Readers should carefully review the risk factors described above and in other documents filed by the Company with the SEC. Readers are specifically directed to the discussion under "Risk Factors" in the Company's most recent annual report.
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|Date:||Jan 22, 2007|
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