HUNTINGTON BEACH, Calif., May 7, 2002 (PRIMEZONE) -- James E. Shipley, President of EMB Corporation (OTCBB:EMBI) (Berlin: EMBI.BE), (Frankfurt: EMBI.F), and (Hamburg: EMBI.H), announced today that its wholly owned subsidiary, First Guaranty Financial Corporation, had a record first quarter ending March 31, 2002. First Guaranty Financial Corporation, (http://www.fgflend.com), headquartered in Santa Ana, California, is a multi-state wholesale mortgage lender that has a winning strategy in the vastly competitive field of mortgage banking.
Rod Thompson, President of First Guaranty, stated, "After a record year in all sectors of our mortgage business, we are pleased to report that total fundings for the first quarter of 2002 were approximately 30% greater than the first quarter of 2001. Again, First Guaranty demonstrated its strength by earning a profit of approximately $140,000 for the first quarter of 2002, and the second quarter for fiscal 2002, or the equivalent of $0.005 cents per share earnings. We continue to exhibit a winning strategy in residential mortgage lending, and anticipate that our profitability will continue. Our goals for 2002 include finding $650,000 million or more of quality mortgages and at the same time continue to expand our net profits to gross income ratio." Mr. Thompson went on to say, "Additionally, we plan to add one new wholesale facility in Northern California and increase the number of builder relationships."
James Shipley, President of EMB, added, "EMB's formula and strategy for success is in place. We are all encouraged by the continued success of First Guaranty and the superb job being done by Rod Thompson and his entire team. At the end of fiscal 2001, the company earned approximately $0.03 cents per share, and depending on the stability and overall market conditions, we could anticipate similar earnings for fiscal 2002." Mr. Shipley continued, "I would encourage everyone that is interested in EMB Corporation to visit our Website at http://www.embcorp.net or http://embcorporation.com."
About EMB Corporation:
EMB Corporation is a financial services holding company, which provides a network to mortgage brokers, both retail and wholesale through our wholly owned mortgage companies, currently including American National Mortgage, and First Guaranty Financial Corporation. Mortgages originated by our group of companies may be held temporarily for investment, or may be sold to third parties / financial institutions, or may be secured, packaged, and sold as mortgage backed securities. For further information about the Company please look at our Website, http://www.embcorp.net or http://www.embcorporation.com.
A number of statements referenced in this Release and the CEOcast or EquityBroadcast interviews 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 EMB 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. This is not an offer to sell or a solicitation of an offer to purchase any securities.