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Paragon Financial Corporation Announces Letter of Intent to Roll Operation with $20 Million in Profitable Annual Revenue into Company.

No Increase in Current Issued and Outstanding to Result from Transaction

PONTE VEDRA BEACH, Fla. -- Paragon Financial Corporation (OTC:PGNF) today announced entering into a letter of intent (LOI) agreement that will roll $20 million in profitable annual revenue into the company. In conjunction with the terms of the LOI, Paragon will reorganize its current operation to support an emerging technology strategy in Latin America. Shareholders can anticipate a joint announcement with the letter of intent cosigner later today. The joint announcement will include further details regarding the terms of the agreement. Significantly, no new Paragon common stock will be issued to close this transaction, but the cosigner will have voting control of Paragon. There will be no additional common stock issued as a direct result of this transaction for a period of at least a year.

About Paragon Financial Corporation (www.pgnf.com)

Financial Corporation has been a financial services business focused on the acquisition of companies that originate mortgages loans or provide other financial services. Subsequent to the recent sale of its Paragon Homefunding subsidiary, acting management is currently exploring a range of alternative business strategies to maximize shareholder value.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain information contained in this announcement are "forward-looking statements." Paragon cautions readers that certain important factors may affect actual results and could cause such results to differ materially from any forward-looking statements which may be deemed to have been made in this announcement or which are otherwise made by or on behalf of Paragon. The forward-looking statements are identified through use of the words "potential," "anticipate," "expect," "planned" and other words of similar meaning. These forward-looking statements may be affected by the risks and uncertainties inherent in the mortgage industry and in the Company's business. The Company cautions readers that certain important factors may have affected and could in the future affect the Company's beliefs and expectations and could cause the actual results to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. Factors which may affect results include, but are not limited to, the ability to raise capital necessary to sustain operations and implement the business plan, the ability to obtain additional regulatory permits and approvals to operate in the financial services area, the ability to identify and complete acquisitions and successfully integrate acquired businesses, if any, the ability to implement the company's business plan, changes in the real estate market, interest rates or the general economy of the markets in which the company operates. Additional information regarding Paragon is contained in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
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Publication:Business Wire
Date:Nov 30, 2006
Words:469
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