CAPE CANAVERAL, Fla., Oct. 11, 2004 (PRIMEZONE) -- Last month Crivello Group, LLC ("CG") Managing Member Frank P. Crivello announced that Thomas Equipment 2004, Inc. and Thomas Ventures, Inc. ("Thomas"), entities formed for this acquisition, reached an agreement with Thomas Equipment, Ltd. to acquire substantially all of the operating assets of Thomas Equipment, Ltd.
On October 11, 2004, Thomas entered into a definitive agreement with Maxim Mortgage Corporation (OTCBB:MXMO) ("Maxim"), pursuant to which Thomas will become a wholly owned subsidiary of Maxim. The shareholders of Thomas will receive approximately 85% of the total outstanding shares of Maxim and prospective lenders are expected to be issued approximately 10% of the total outstanding shares of Maxim. Prior to closing, Maxim will complete a 1-for-40 reverse stock split of its currently outstanding common stock and will change its name to Thomas Equipment, Inc. In addition, the current officers and directors of Thomas will assume similar positions with Maxim.
Maxim President Joel Arberman stated: "Thomas and its management team led by Cliff Rhee have an exciting business plan. We look forward to closing this transaction."
Thomas Equipment Ltd., www.thomasloaders.com, manufactures and distributes through a worldwide network of dealers and distributors a full line of skid steer and mini skid steer loaders as well as attachments, mobile screening plants and six models of mini excavators. In addition to its industrial and construction products it manufactures a complete line of potato harvesting and handling equipment.
Thomas President Clifford M. Rhee stated: "The completion of this agreement was integral to our acquisition of this business. This agreement with Maxim, coupled with recently procured financing commitments, places us close to the finish line; we will close this transaction in several weeks. I am exciting to lead Thomas into the public world. My team and I are confident we will create tremendous shareholder value, as we continue to build the Thomas business."
CG Managing Member Frank Crivello stated: "We were pleased to negotiate the agreement between Thomas and MXMO. Thomas' counsel, Sichenzia Ross Friedman Ference LLP, http://www.srffllp.com/, responded quickly to complete this transaction. MXMO's management was cooperative and professional. We look forward to a swift and successful completion of the acquisition."
About Maxim Mortgage Corporation ("Maxim"): Maxim is a developmental stage company with no active operations.
About Crivello Group, LLC www.crivello.com: CG is a strategic advisor and partner to distressed and emerging companies. CG's solutions for distressed or emerging companies include:
-- Stabilization -- Capital & Debt Alternatives -- Staff, Boards, and Professionals -- Divestiture & Dissolution -- Plan of Restructuring or Reorganization
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of either Maxim or CG could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in either Maxim or CG's operations or business.