Contact Information: CONTACT: Shearson Financial Network Las Vegas, Nevada Michael Barron 702-868-7922
Shearson Financial Network, Inc. Moves to Expand Its Warehouse Banking Capacity
| Source: Shearson Home Loans
LAS VEGAS, NV -- (MARKET WIRE) -- April 19, 2007 -- Shearson Financial Network, Inc. (OTCBB : SFNN ) (www.sfnncorp.com) announced today that its wholly owned subsidiary,
Shearson Home Loans (www.shearsonhomeloans.com), has applied to expand its
warehouse banking capacity by $20 million. Amid growing originations at the
Company, additional mortgage warehouse lines of credit are needed to meet
the demand for banked products. The Company currently has in excess of $20
million in warehouse banking credit lines.
"Our Company is experiencing strong growth due to an aggressive recruitment
program following a first quarter that saw many of the industry originators
depart the business. We are facilitating a home for many of the displaced
loan officers and wholesale account personnel within Shearson and welcome
their business," stated Michael Barron, CEO and Chairman of Shearson
Financial Network, the Company's parent. "The additional credit facility is
part of our plan to expand the loan volume we bank through our loan
center."
Shearson Financial Network, Inc. reported net income of $2.8 million for
the year ending December 31, 2006 and the company's operating unit,
Shearson Home Loans, contributed $1.6 million to earnings. The value of
Assets held by SFNN increased to $30.6 million for the year ended December
31, 2006 from $4.4 million in 2005, an increase of 590%. Net worth
increased to $6.4 million from $(7.8) million during the same period,
representing an increase of $14.2 million. Revenue from the originations of
loans increased 25% or $1.7 million to $8.5 million Earnings per share for
the year ended December 31, 2006 was $0.02 as compared to a loss per share
of $0.50 from the year ended December 31, 2005.
About Shearson Financial Network, Inc.
The company is a consolidator of independent mortgage brokerages. Shearson
operates 17,538 sq. ft. of branch office space licensed in 33 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. www.sfnncorp.com or
www.shearsonhomeloans.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.