PARKER, Colo., May 1, 2002 (PRIMEZONE) -- Douglas Gregg, President of Paramount Mortgage Investments Inc., a Colorado Corporation, announced today that it has been approved as a mortgage broker with First Guaranty Financial Corporation, a wholly owned subsidiary of EMB Corporation (OTCBB:EMBI), (Berlin:EMBI.BE), (Frankfurt:EMBI.F), and (Hamburg:EMBI.H).
Rod Thompson, President of First Guaranty, stated, "We are pleased to have Paramount Mortgage Investments as one of our new mortgage brokers. A primary goal for First Guaranty this year is to increase our production to approximately $650 million in new mortgage business annually, and we anticipate that this relationship with Paramount Mortgage Investments will increase our monthly production by an additional $5 million of new residential mortgages per month." Mr. Thompson continued, "Paramount will help expand our net profit to gross revenue ratio over last year's strong profits while at the same time continue to provide an environment where well-managed mortgage lenders can thrive."
Mr. Douglas Gregg, President of Paramount Mortgage, said, "After a thorough investigation of several wholesale mortgage companies we chose First Guaranty Financial because of its mortgage products in all sectors. Our goal is to hit both ends of the housing spectrum as our new products are very centered in the purchase marketplace."
Mr. Gregg went on to say, "One of the keys to our success will be the Super Jumbo Loans we will be able to offer up to $4 million on custom homes to the very broad demand for interest-only products tied to the Libor index, which is an excellent product for first time home buyers. We look forward to a long lasting relationship with First Guaranty and their team of experts."
About Paramount Mortgage Investments
Paramount Mortgage Investments Inc. is a newly formed mortgage retail broker. The Company is owned by Paramount Financial Group Inc., a financial services holding company, which provides a network of financial services. For further information about the Company please look at our Website, http://www.paramount-financial.net
A number of statements referenced in this Release 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 actions 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 EMB 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.