LAS VEGAS, Feb. 1, 2006 (PRIMEZONE) -- Shearson Home Loans, a fast growing mortgage banker/broker and subsidiary of Consumer Direct of America (OTCBB:CSUA), has declined a $4 million equity commitment term sheet from Crusader SEDA Fund LLC in New York. The SEDA (Standby Equity Distribution Agreement) would have allowed Shearson to draw down capital from the fund periodically over the next two years up to a total of $4 million.
Chairman & CEO Michael A. Barron said, "We are thankful to Crusader for the offer of this equity commitment; however the company feels it is not the right time to move forward with this program. We therefore respectfully decline the SEDA offer from Crusader."
About Shearson Home Loans
The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. Shearson had closed-loan volume of $1.1 billion, which accounted for over 6,435 loan transactions in 2004. Shearson operates licensed mortgage branch locations in 31 states. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.