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Ocwen Financial Corp.
Ocwen Financial Corporation and Merrill Lynch Form Distressed Asset Management Servicing Joint Venture
WEST PALM BEACH, Fla., March 27, 2002 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN) is pleased to announce the formation of Global Servicing Solutions, LLC, with Merrill Lynch. This joint venture, of which Ocwen is the majority owner, will be responsible for establishing, licensing and operating distressed asset management servicing companies in various countries around the world to service both Merrill Lynch assets and assets owned by third parties. The first asset management servicing company, Servicing Solutions Japan, Inc., will be formed with the advice and assistance of Tokyo Servicer Inc. ("TSI"), a local Japanese loan servicer.
SurgiCare Reports Record Fourth Quarter and Year-End Revenues; Company Reports Record Net Income for the Year
HOUSTON, March 27, 2002 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) company, announced today record financial results for its year-ended December 31, 2001. The company reported revenues of $12,875,779, a 112% increase versus revenues of $6,052,434 for a comparable period last year. SurgiCare reported earnings of $1,026,893, or $0.07 per share on a basic and fully diluted basis compared to $456,115 or $0.04 per share (basic and fully diluted) for the same period last year. These results exclude a non-cash adjustment for contractual allowances of $540,201. The company would have reported earnings of $670,360, or $0.05 per share on a basic and $0.04 per share on a fully diluted basis if this fourth quarter adjustment was included.