NEWPORT BEACH, Calif., Sept. 29, 2003 -- William R. Parker, President of Epic Financial Corporation (OTCBB:EPFL) announced today that Epic intends to close the acquisition transaction of Key Mortgage on October 1, 2003.
At the present time, Key Mortgage is originating and closing approximately 200 loans per month amounting to approximately $30 million per month in mortgage sales volume, or approximately $360,000,000 per year. The acquisition will bring more than $4,000,000 in annual revenue to Epic Financial, and Key Mortgage will remain profitable. The approximate value of this transaction is $3,000,000.
William Parker, President of Epic Financial stated, "Epic Financial is aggressively pursuing its acquisition plan, and the acquisition of Key Mortgage fits our growth strategy by bringing in more than $4,000,000 in revenue to our top line. Not only will the company bring these numbers to our line, but it also will remain profitable."
Based in Phoenix, AZ, Key Mortgage is well managed, respected, and a reputable mortgage brokerage company specializing in originating, and processing residential mortgage loans. The company is well suited to perform in any mortgage climate, as its production is comprised of both entry-level FHA borrowers as well as luxury homebuyers with individual loans up to $1,000,000 or more.
Mike Cardwell, President of Key Mortgage said, "Record low interest rates based on Federal Reserve cuts, and the bond market, have fueled the real estate and mortgage market in general. However, even with the current increase in mortgage rates, our revenues are expected to exceed $4,000,000 annually, and we will remain profitable. We are looking forward to joining the Epic management team."
About Epic Financial Corporation
Epic Financial Corporation is a financial services holding company, focused on acquiring established and high-growth financial services enterprises. The company currently has one wholly owned subsidiary, American National Mortgage, and is in the process of acquiring Key Mortgage Corporation and Mission Equity. For further information about the company please look at our website, http://www.4epic.com.
A number of statements referenced in this Release, and any other interviews that have been made, are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this actions may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might," occur. Such statements reflect the current views of Epic Financial Corporation with respect to future events and are subject to certain assumptions, including those described in this release.
These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company does not undertake any responsibility to update the "forward-looking" statements contained in this news release. The acquisition of Key Mortgage Corporation and Mission Equity are at the letter stages and are subject to consummation by meeting certain terms and conditions as expressed in their respective letters of intent.