HUNTINGTON BEACH, Calif., March 5, 2002 (PRIMEZONE) -- James E. Shipley, President of EMB Corporation (OTCBB:EMBI), (Berlin:EMBI.BE), (Frankfurt:EMBI.F), and (Hamburg: EMBI:EMBI:H), announced today that EMB Corporation achieved record net revenues in its second quarter ended December 31, 2001. Mr. Shipley also announced the restatement of the certain aspects of the financial statements for the fiscal year ended September 30, 2001, that resulted in a marked reduction in the accumulated deficit of the Company.
James E. Shipley, President of EMB, said, "Revenues for the quarter ended December 31, 2001, were up over 41% to a record $2,286,889. The continued strong performance of our First Guaranty Financial Corporation subsidiary led this growth. We are also very pleased with the expansion of operations of our other subsidiary, American National Mortgage, and expect it to contribute to our growth and profitability in future reporting periods. We expect that the continued growth and profitability of our operating entities, coupled with an anticipated reduction in non-cash expenses at the corporate level will result in overall corporate profitability during the remainder of this fiscal year. At the present time we are in negotiations with other mortgage brokerage companies as possible acquisition candidates however, nothing has been signed and nothing is certain at the moment."
Mr. Shipley went on to say, "I am also pleased to announce the restatement of the treatment of the sale of EMB Mortgage Corporation in July 2001, as set forth in our Consolidated Statement of Stockholder's Equity in the Company's amended Annual Report, yields the Company additional equity in excess of $3,000,000, or an increase of $0.18 per share, which is a one-time event."
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About EMB Corporation:
EMB Corporation is a financial services holding company, which provides a network to mortgage brokers, both retail and wholesale through our wholly owned mortgage companies, currently including American National Mortgage and First Guaranty Financial Corporation. Mortgages originated by our group of companies may be held temporarily for investment, or may be sold to third parties / financial institutions, or may be secured, packaged, and sold as mortgage backed securities. For further information about the Company please look at our website. http://www.embcorp.net, or http://www.embcorporation.com
A number of statements referenced in this Release and the CEOcast and EquityBroadcast.com interviews, 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 statement 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 actions may be identified through the use of words such as "expects," "will," "anticipates," " estimates," "believes" or statements indicating 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.