POFG acquired 100% of the outstanding shares of common stock of Amstar, a Houston, Texas based holding company primarily focused upon the mortgage banking and broker industry.
Amstar stockholders received shares of POFG totaling 96.12% of the total outstanding shares post merger. The Company conducted a 1 for 80 reverse stock split and an issuance of new shares to current Amstar stockholders on a one share for each Amstar share to reach this percentage.
About 19,312,000 shares of common voting stock issued and outstanding in the Company.
Howard Wayland Jr., President and CEO
10851 Scarsdale Boulevard, Suite 800, Houston, Texas 77089. tel.281) 481-9040
Major Subsidiary:
Amstar Mortgage Corporation
--a National mortgage banking and brokering company-- For years, Amstar has built a reputation as a reliable partner to hundreds of mortgage brokers. With unparalleled dedication to serving their branches, and an unrivaled commitment to their customers, Amstar Mortgage brings loyalty and integrity back to the industry.
Throughout the web site you will find very distinct and original programs, compelling partnerships, and countless value added services, designed with each individually diverse branch in mind. Amstar challenges you to explore, research and discover why Amstar Mortgage is the finest retail branch company you will find. In joining them, Amstar believes you will experience a business with a rare sense of vision, answering the question “Why Amstar?”.
Interview of Amstar VP: #msg-14528378
Financial Info:
Amstar closed $2,176,657,448 in mortgage loans in fiscal year 2005 with gross revenue for its fiscal year-end period ending September 30, 2005 of $58,592,331 (2.69%) verses $27,563,915 in 2004 and $6,396,052 in 2003.
For the 9 month period ending June 30, 2006, Amstar closed over $1,690,964,931 mortgage loans.
Extrapolated 12 month period ending September 30, 2006: $2,254,619,907 Derived gross profits at 2.69%: $60,649,276
Estimated share outstanding: 19,312,000 Extrapolated gross revenues per share: $3.14
About Amstar:
Amstar Mortgage Corporation is a mortgage banker/broker primarily engaged in the business of originating and selling mortgage loans secured by one to four family residences. They operate through a network of retail branches that consist of independently managed retail mortgage branches. All branch managers and their personnel are employees of Amstar Mortgage Corporation.
Amstar Mortgage Corporation is one of the nation’s leading and fastest growing retail branching companies. Each retail branch office is staffed by Amstar employees primarily engaged in marketing and acceptance of mortgage loan applications from the general public. Each branch office is networked to the Company's headquarters through a sequel server database loan origination software (LOS) called Encompass TM which provides all the compliance and documents necessary to process mortgage loan applications in accordance with applicable State and Federal regulations.
Amstar provides administrative support (such as personnel, human resource, bookkeeping and similar services), quality control, lender contract negotiations and development. Each branch office retains the discretion to choose among the more than 300 lenders or Amstar’s own proprietary mortgage programs.
Amstar Mortgage is one of the first mortgage companies to offer various commission-based compensation programs. Amstar's CEO, Howard Wayland, Jr., pioneered this plan in the Mortgage Banking industry and was the one who created the flat payment method of compensation. With their multiple fee program options, their retail branch managers can select a commission payment program that they believe will maximize their retail branch profits. Amstar programs target experienced, qualified loan officers with attractive financial opportunities to establish a branch with limited risk and overhead chargeable to their commissions.
Amstar offers its branch offices the opportunity to place prospective loan applications with Amstar's own Mortgage Banking Department. Through their Mortgage Banking Department, Amstar functions as a correspondent lender with underwriting authority delegated from institutional investors.
Amstar also offers many “value-added” services to their branches. From discounted services through partners like FedEx®, Staples® and Dell®, to a networked loan origination software system managed by Amstar’s IT department, and comprehensive administrative support. Through these relationships and systems, Amstar is able to enhance every branch’s profitability while keeping costs low for the consumer.
Amstar Mortgage Corporation stands proud and inspired by the dream and hard work of its more than 150 branch managers.
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Guys watch this. Amstar is a huge company, they already got audited, and will be moving to OTCBB. They did a reverse merger into POFG a while back, an 80/1 revere split...the O/S is 19million...and the company makes $3.14 revenue per share.
I'm telling you this is a steal
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