CEDARHURST, N.Y., March 3, 2005 (PRIMEZONE) -- Consumers Financial Corporation (Pink Sheets:CFIN) ("CFIN") today announced that it has closed on a Contract to Purchase a 51% interest in G.S. Woodmere, Inc., a Queens, NY-based medical billing and collections service agency ("Woodmere").
Jack I. Ehrenhaus, Chairman of the Board stated: "GS Woodmere Inc. possesses software programs that allow it to interact on a virtual basis with the doctors it services. The uniqueness of the `virtual billing' operation allows the doctor to check the status of a patient's billing records on a real-time basis. This characteristic, plus the competitive rates structured by GS Woodmere Inc., should allow the service operation to rapidly expand with proper financial support."
For the year ended December 31, 2004, Woodmere generated gross revenues (collected billings) of approximately $16,500,000 and was profitable. It operates from two facilities in Queens, New York, employs 16 people and services over 30 clients.
Mr. Ehrenhaus further stated, "We see room for immediate expansion of the business that Woodmere does by simply marketing more intensely. Woodmere's proprietary software is extremely versatile in permitting its use in conjunction with numerous other "front-end" systems, and high capacity to handle numerous data entry points. These features will allow us to offer national organizations service with consoles and interactive features that should be very attractive to a large organization. Properly financed and properly marketed, Woodmere is anticipated to rapidly expand its business base. Because its pricing structure is competitively based, it allows the company to enter almost any market and compete for market share. We don't believe it is unrealistic to expect the business to double or triple within the next 12 to 18 months."
Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of microcap companies strategically located in markets where significant growth and profits can be obtained. CFIN targets companies where management is exceptional, products are proprietary, techniques, software or technology provide some measure of exclusivity, where profit margins are above average and where these companies can benefit from CFIN's financial assistance either through equity or credit facilities. The Company trades under the symbol CFIN and can be found on the Over the Counter Pink Sheets
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