SPOKANE, Wash., April 03, 2018 (GLOBE NEWSWIRE) — Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced completion of the acquisition of Moody Capital Solutions, Inc., after receiving approval from FINRA, the self-regulatory organization governing securities dealers. Entry into the acquisition agreement was previously announced on July 6, 2017.
“We are pleased to complete the purchase of Moody Capital which is expected to help diversify our revenue stream,” said Allen Ringer, CEO. “We anticipate Moody Capital will generate an additional $500,000 in new consolidated revenue in the first full year of operation, as well as contributing to net income and shareholder return, with approximately 20% adjusted EDITDA from this business.”
Tim Moody, CFSI President, added, “Moody Capital Solutions will create value for shareholders with a clear opportunity to grow higher revenues and income in the future.”
Complete Financial Solutions Inc. is an emerging financial services company. Through its subsidiary companies, CFSI offers mortgage origination and processing services in 26 states. Acceptance Capital Mortgage Corporation (“ACMC”) is a HUD-approved lender allowing ACMC to bank and broker FHA loans. ACMC offers a spectrum of mortgage products through various correspondent and broker relationships. For more information, visit www.cfsi.biz.
This release may contain forward-looking statements Involving risks and uncertainties concerning our expected performance and comments within the safe harbor provisions established under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from results predicted and reported results should not be considered an indication of future performance. We believe potential risks and uncertainties include, without limitation: uncertainty regarding future revenue growth, operating results and profitability; our business being dependent on the health of the mortgage industry; government regulation; and the effect of industry restructuring, higher interest rates or adverse economic conditions. Statements in this release should be evaluated in light of these factors. We have included a detailed discussion of certain risks and uncertainties that could cause actual results and events to differ materially from our forward-looking statements in the section titled “Risk Factors,” filed with our Annual Report, posted with the OTC Disclosure and News Service on April 13, 2017, available at www.otcmarkets.com. CFSI undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information contact:
Allen Ringer, CEO
Rich Inza, Investor Relations