PLANTATION, Fla., Jan. 25, 2005 (PRIMEZONE) -- Secured Financial Network, Inc. (OTCBB:SFNL), a vertically integrated financial services company, has begun trading on the Over the Counter Bulletin Board under the symbol SFNL. It acquired its publicly traded position from 12 to 20 Plus, Inc., which elected to become a privately held company.
Secured Financial Network provides origination of lines of credit, lending facilities for commercial and industrial projects, and servicing of these loan portfolios. In addition, the company provides management services for real estate-based projects.
Jeffrey L. Schultz, the company's new President and CEO, and a Director, brings to Secured Financial Network more than 30 years of increasingly high levels of executive responsibility and experience. Most recently, he served as Vice President of Sales and Marketing for InteleTech Corporation. Earlier, he acted as a consultant to several companies in the plastic printing and card issuance industries. Prior to that, Schultz was Director of Business Development for Continental Plastic Card Co., one of the top-10 plastic printers in the USA, coordinating the financial and sales restructuring of the company and executing a business plan that made Continental Plastic profitable.
Schultz earlier was President of Strategic Funding, Inc., which was instrumental in providing consulting to various private and public companies, and raised more than $20 million in working capital for these firms. Earlier, Schultz was the founder, an officer, and director of Aqua Care Systems, Inc., a manufacture of residential, commercial, industrial, and wastewater treatment plants, which became a NASDAQ listed company after a successful public offering. Schultz holds a B.A. degree from Wayne State University.
George Weast, another Director of the company, is President and Founder of Washington Capital Corporation, serving as a consultant to banks, investment banking firms, and professional money managers. It also secures equity and debt financing for corporate and real estate developers. The company also acts as a consultant to public shell corporations in areas of reverse merger, corporate debt reorganization, and updating of reporting status. Earlier, Weast was the President and Founder of American Investors, Inc. and its subsidiaries. These companies developed and syndicated commercial real estate in the Washington metropolitan area. They also syndicated and leased equipments to banks and Fortune 500 companies throughout the United States.
Prior to that, Weast was President and Founder of Weston Leasing Company, a publicly traded leasing company which expanded through acquisitions and mergers in the auto leasing, premium finance, and association travel fields.
Immediately prior, he was Chief Financial Officer of Jonker Business Machines, Inc., which was a publicly traded information retrieval company. Weast was also the former Director of two national banks. He is a U.S. Army veteran, attended the University of Maryland, and graduated with a B.S. in accounting.
Stephen F. Burg, another new Director, is Chief Executive Officer of SB Corporate Consulting, Inc., which offers corporate growth strategies for public and private companies internationally. Earlier, Burg was Vice President-Corporate Acquisitions for Evans Products Company, a New York Stock Exchange-listed company with more than $2 billion in annual revenues. Prior to that, he was Corporate Director-Acquisitions and Human Services for Jack August Enterprises. He has served as a Director of a pharmaceutical company, Xechem International, Inc. and its Xechem Nigeria, Inc. subsidiary, for the past 11 years. He also serves as a consultant to a number of growth-oriented companies, both public and private. Burg, a graduate of Boston University, is a licensed pilot, and holds several real estate certifications.
As part of the normal transition, Secured Financial Network, effective January 19, 2005, accepted the resignations of Carol Slavin, Linda Hannon, and Elizabeth Jaeger as Officers and Directors of the predecessor company.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.