CEDARHURST, N.Y., July 28, 2006 (PRIMEZONE) -- Consumers Financial Corporation (Pink Sheets:CFCJ) (CFCJ) previously announced that it had closed on a contract to purchase a 51% interest in GS Woodmere, Inc., a wholly owned subsidiary of GS Woodmere Group, Inc., incorporated in Nevada, a Queens based medical billing and collections service agency (Woodmere).
The Company is in the process of getting their 15c211 filed and will decide shortly whether to apply to the Pink Sheet market or the Bulletin Board with the goal of becoming a publicly trading company by the end of the calendar year.
Jack Ehrenhaus, Chairman of the Board stated: "GS Woodmere, Inc. possesses software programs that allow it to interact on a virtual basis with the doctors in service. 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 rate structure by GS Woodmere, Inc., should allow the service operation to rapidly expand with proper financial support."
Using its strong foundation, GS Woodmere expects to capture a significant amount of the $78 billion medical billing and collection market.
GS Woodmere will be investing in the development of a new program called Doctor4School which is expected to allow the company to grow substantially and pave the way for its emergence onto the national marketplace.
For year end December 31, 2005 Woodmere generated gross revenue (collected billing) in excess of $16,500,000 and was profitable. It operates two facilities in Queens, New York, employs 16 people and services over 30 clients.
"We see room for immediate expansion of the business that Woodmere does," stated Mr. Ehrenhaus, "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 Woodmere to offer national organizations service with consoles and interactive features that should be very attractive to a large organization."
Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of micro cap companies strategically located in markets where significant growth and profits can be obtained. CFCJ 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 CFCJ's financial assistance either through equity or credit facilities. The Company trades under the symbol CFCJ and can be found on the Over the Counter Pink Sheets.
This press release includes or may include certain statements, estimates and forward-looking projections of the company with respect to the anticipated future performance of the Company. Such statements, estimates and forward-looking projections reflect various assumptions of the management of the Company that may or may not prove to be correct and involve various risks and uncertainties including, but not limited to, the risk factors contained herein.