CEDARHURST, N.Y., April 22, 2005 (PRIMEZONE) -- Consumers Financial Corporation (Pink Sheets:CFIN) today announced the completion of its acquisition of Praetorian Financial Services, Inc. of Ottawa, Ontario, Canada ("Praetorian").
Jack I. Ehrenhaus, Chairman of the Board stated, "Praetorian will market and distribute bank-sponsored, stored-value debit cards to non-banking clients. The operation has already started up and looks very promising. We expect positive results beginning as early as this quarter with significant growth potential aver the next two years."
Praetorian connects merchants and consumers, employers and employees by providing an immediate, secure and effective system to transfer payroll, commissions payments, money remittances, or to make purchases or pay bills. The acquisition is structured through the issuance of stock to be vested or earned through financial performance
Mr. Ehrenhaus further stated, "We believe that this company and this marketing concept has the potential of tapping into the 40% of the workforce that operates without banking relationships. In a recent study by PricewaterhouseCoopers, it was found that increasing numbers of workers were operating without a bank because of the increased cost of basic checking. The study also found that a majority of these people are not unbanked willingly. Our conclusion was that there was a significant opportunity to tap this market by providing a stored-value debit card without the formality of a bank account."
Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of microcap companies strategically located in markets where significant growth and profits can be obtained. CFIN 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 CFIN's financial assistance either through equity or credit facilities. The Company trades under the symbol CFIN 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.