Contact Information: CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Shearson Announces Rescission of Acquisition of Real Property Technologies
| Source: Shearson Home Loans
LAS VEGAS, NV -- (MARKET WIRE) -- April 3, 2007 -- Shearson Financial Network, Inc. (OTCBB : SFNN ), a consolidator in the highly fragmented financial services
marketplace, announced today that it reached an agreement to rescind the
acquisition of Real Property Technologies LLC. Under the agreement,
Shearson will receive back Preferred Shares of stock previously issued to
RPT's shareholders valued at forty million dollars.
The rescission returns to Shearson one hundred thousand shares of Shearson
Series A Preferred stock which was convertible into two billion shares of
SFNN's common stock. "When we purchased RPT in June of last year, we
believed we could incubate the company, restructure their financial
systems, and subsequently take it public with its own IPO and deliver value
to our shareholders," states Michael Barron, Shearson's CEO. "We were able
to secure an underwriting with a prominent New York investment banker, but
the promised earnings from RPT never materialized. Our decision was to
rescind the transaction and return the Preferred Shares which substantially
reduces the dilution to our shareholders." The transaction removes any of
RPT's financial information from Shearson's reporting.
About Shearson Financial Network, Inc.
The company is a consolidator of independent mortgage brokerages and has
grown rapidly during the last three years through acquisition and
consolidation. Shearson operates 17,538 sq. ft. of branch office space
licensed in 34 states. The company currently is seeking new branches for
its growing network. For more information, please visit the company's
website at www.shearsonfinancialnetwork.com.
Statements in this press release other than statements of historical fact,
including statements regarding the company's plans, beliefs, and estimates
as to projected results and market size are "forward-looking statements."
Such statements are subject to certain risks and uncertainties, including
factors listed from time to time in the company's SEC filings, and actual
results could differ materially. These forward-looking statements represent
the company's judgment as of the date of this release. The company
disclaims, however, any intent of obligation to update these
forward-looking statements.