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Mortgagebrokers.com Holdings, Inc. (OTCBB: MBKR, the "Company", "Mortgagebrokers.com") one of North America's leading mortgage brokerage brands and consolidation firms, is pleased to provide the following update on the Company's progress.
The Company closed its 2008 financial books by reporting its first ever net income amidst extremely challenging market conditions by adhering to its strict policy of managing expenses, while simultaneously focusing on increasing the traction and expansion of the Company's unique and attractive consolidation business model.
In the first quarter of 2009, the Company continued to face challenging market conditions, yet the Company was still able to post revenue growth of 8% over our 2008 first quarter revenue and essentially posted a break even first quarter 2009. This was the Company's 4th consecutive record comparative first quarter revenue result since inception.
In the first quarter of 2009, the Company also launched the Centralized Services Office ("CSO"), which is dedicated to providing expertise in underwriting complex commercial and residential mortgages. The Company has built a network of private and institutional lenders not available to the broader mortgage broker network. We believe that the CSO will provide the Company with higher margin contribution revenue and an invaluable resource to its network of mortgage agents and customers.
In June, 2009, the Company announced the appointment of Ms. Lindsay Miller, as Vice President of Sales for the Province of Ontario who will lead the Company's broker consolidation efforts and manage our existing team of mortgage professionals.
Finally in July, 2009, we executed a settlement agreement with Trisan Equitable Corporation regarding the prior summary judgement awarded to Trisan against several parties including the Company's subsidiary for which the Company had accrued a legal judgment liability of USD $688,894 in its 2008 year end financial statements (Form 10-K). The Agreement provides for a mutual final and full release and does not provide for the payment of any monies or the creation of any obligations or any encumbrances by or upon MortgageBrokers.com Holdings, Inc. or its subsidiaries other than the release of 500,000 shares of MortgageBrokers.com Holdings, Inc. common stock which were issued in 2006 and held in escrow since that time. The Company will be removing the accrued legal judgement liability from its balance sheet in its upcoming third quarter financial statements.
"The settlement of this legal judgement removes a significant financial liability from the Company and results in a further strengthening of our balance sheet. Elimination of this debt will allow MortgageBrokers.com to focus on the various opportunities ahead including continued growth of our sales team and launch of new financial products and services that will allow our brokers and our company to earn higher revenue and margin.," stated Alex Haditaghi, Chief Executive Officer of MortgageBrokers.com Holdings Inc.
Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are intended to be, and are hereby identified as 'Forward-Looking Statements' for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be identified by words including 'anticipate,' 'await,' envision,' 'foresee,' 'aim at,' 'plans,' 'believe,' 'intends,' 'estimates' 'expects' and 'projects' including without limitation, those relating to the company's future business prospects, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the Forward- Looking Statements. Readers are directed to the company's filings with the U.S. Securities and Exchange Commission for additional information and a presentation of the risks and uncertainties that may affect the company's business and results of operations. www.sec.gov.
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Contact:
Mr. Jody Janson Mr. Alex Haditaghi
Investor Relations CEO, Mortgagebrokers.com
E-mail: jody@istockdaily.com E-mail: alex@mortgagebrokers.com
Tel: 585-232-5440 Tel: 416-410-4848
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SOURCE: MortgageBrokers.com Inc.
SOURCE: MortgageBrokers.com Holdings, Inc.
Mr. Jody Janson, Investor Relations, E-mail: jody@istockdaily.com, Tel: (585)-232-5440; Mr. Alex Haditaghi, CEO, Mortgagebrokers.com, E-mail: alex@mortgagebrokers.com, Tel: (416) 410-4848
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