ORLANDO, Fla., Feb. 11, 2004 (PRIMEZONE) -- TS&B Holdings, Inc. ("Company" or "TS&B") (OTCBB:TSBB), announced it recently executed a Letter of Intent to acquire 49% of Cummings Financial Services, Inc., 711 N. Parsons Ave., Brandon, Florida.
Cummings Financial Services is a residential mortgage business started in 1998. The company employs 20 people. In 2003, they processed $26.5M in loans with gross revenues from fees in excess of $850K. CFS has financing relationships with over 450 financial institutions allowing them the ability to guarantee their clients the lowest possible rate. They have a secondary revenue source through their relationship with a Title Company.
The CEO of TS&B Holdings Inc., James E. Jenkins stated, "We're very excited about our future investment in Cummings Financial. TS&B made the move into commercial mortgage lending through its subsidiary TS&B Financial over a year ago and looks forward to integrating the residential and commercial lending."
About TS&B Holdings Inc.
TS&B Holdings Inc. is a Business Development Company under the Investment Act of 1940 aggressively seeking opportunities in emerging and fast growth industries.
TS&B Holdings Inc. has a financial services subsidiary, TS&B Financial Services, Inc. that provides investment and merchant banking services and strategic planning to both the public and private sectors.
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report Filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information, please contact Jim Jenkins, CEO 407 649 8325 jjenkins@tsbfinancial.com, http://www.tsbfinancial.com.