Friday March 17, 12:05 am Eastern Time
Company Press Release
SOURCE: e-Net Financial.Com Corporation
e-Net Financial.Com Enters Into Letter of Intent To Purchase First Americans Mortgage Corp.
IRVINE, Calif., March 17 /PRNewswire/ -- Michael Roth, President and CEO of e-Net Financial.Com Corporation (OTC Bulletin Board: ENNT - news; Berlin Exchange: money.berlinerboerse.de/cgi-bin/such.cgi?such=925558) announced today that the company has entered into a letter of intent to purchase First Americans Mortgage Corp. Terms of the transaction were not disclosed.
Mr. Roth said, ``First Americans Mortgage specializes in a niche market by providing mortgage loans to Native Americans both on and off the reservation. e-Net Financial.Com Corporation functions as an enterprise incubator that, through it subsidiaries, provides high tech financial services, including residential and commercial mortgages. These loans are originated by means of both conventional, and e-commerce, Internet-based communications technology.''
Mr. Roth went on to say, ``First Americans makes an excellent fit in the e-Net Financial.Com family. FAMC will take advantage of e-Net's resources, while extending the Company's reach into a very specific market. Over the past several years FAMC under the leadership of Dustan Shepherd has established itself as the premier mortgage broker in that market. We look forward to having Mr. Shepherd and his capable staff on board.''
Mr. Dustan Shepherd, President of First Americans Mortgage Corp. said, ``First Americans Mortgage is based in Overland Park, Kansas. The company has clients located in ten western states. Currently, the company is working as the sole originator for $70 million in loan commitments in a special risk-share partnership with four Oklahoma Native American Tribes, PMI Mortgage Insurance and Freddie Mac. FAMC originates the majority of its loans through contractual agreements with tribal housing entities allowing the borrower local access to a Native American loan specialist. In June 1999, the company launched what it believes was the first Native American Internet loan origination website for use by Native American Home Buyers located throughout the United States. The site, www.nativeamericanlender.com, provides detailed descriptions on all Company loan programs and services and has proven to be a steady source of loan production.''
Mr. Shepherd went on to say, ``With an eye to the future, First Americans is projecting a profit of $650,000 from April 1, 2000 through year end, and $1,400,000 by the end of the year 2001. Negotiations with several of the other Native American Tribes that may use and benefit from our services are presently on going. I am very excited about the prospects of being associated with a company that manages its own REIT, (Real Estate Investment Trust) Titus Real Estate, LLC. The Company will not only be developing new programs for home loans, but also for commercial loans that are needed on the reservations. With e-Net's advanced Internet and video technology coupled with the Company's newly acquired expertise in net branching and wholesale lending, the closing of this transaction will provide a giant boost toward realizing First Americans' long term strategic goal of dominating the Native American mortgage market.''