NEWPORT BEACH, Calif., July 8, 2003 (PRIMEZONE) -- William R. Parker, President of Epic Financial Corporation (OTCBB:EPFL) announced today that it has entered into a letter of intent to acquire all of the capital stock of Key Mortgage Corporation, an Arizona Corporation, in a transaction valued at $3,000,000.
Michael A. Cardwell, President of Key, said, "The Company is well suited to perform satisfactorily in any mortgage climate as their production is comprised of both entry level FHA borrowers as well as luxury home buyers with individual loans up to $2,000,000 or more. At the present time, Key is originating and closing approximately 200 loans per month amounting to approximately $30 million per month in volume." Mr. Cardwell further stated, "Current record-low interest rates based on the Federal Reserve cuts and the bond market have fueled the real estate and mortgage market in general. Our revenues are expected to exceed $4,000,000 annually, and we are profitable. We are looking forward to joining the Epic management team."
Mr. Parker said, "Key is a Phoenix-based mortgage brokerage company specializing in originating, processing and closing residential mortgage loans. The company is profitable, and has been in business since 1995. Epic Financial Corporation is aggressively pursuing an acquisition plan that fits our new corporate direction, which is becoming a financial services holding company utilizing the latest in industry technology. The acquisition of Key fits our growth strategy and meets our criteria as a business operating profitably with experienced management."
About Epic Financial Corporation
Epic Financial Corporation is a financial services holding company, which provides a network to mortgage bankers, brokers, both retail and wholesale through our wholly owned mortgage company. For further information about the Company please look at our website, http://www.4epic.com
A number of statements referenced in this Release, and any other interviews that have been made, are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may, "could," or "might," occur. Such statements reflect the current views of Epic Financial Corporation with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company does not undertake any responsibility to update the "forward-looking" statements contained in this news release.