PONTE VEDRA BEACH, Fla., Feb 14, 2006 (PRIMEZONE via COMTEX) -- Consumer Direct of America (CSUA : consumer direct of america com new News , chart, profile, more Last: 0.09+0.04+88.89%
1:23pm 02/14/2006 Add to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: CSUA0.09, +0.04, +88.9%) , a consolidator in the highly fragmented financial services marketplace, announced today that it has reached an agreement to merge Shearson Home Loans, Inc., a wholly owned subsidiary of Consumer Direct of America, Inc., with Paragon Financial Corporation (PGNF : paragon finl corp com News , chart, profile, more Last: 0.07+0.02+30.00%
1:16pm 02/14/2006 Add to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: PGNF0.07, +0.02, +30.0%) . Under the agreement, Paragon would issue four shares to Consumer Direct of America for each Paragon share outstanding. The value of the transaction was placed at $ 16 million. Shearson Home Loans, Inc. is a high-growth provider of residential mortgage loans that employs over 300 people, 250 of whom are mortgage broker professionals who had closed-loan volume of $1.1 billion from over 6,435 loan transactions in 2004. Shearson operates a total of 37 branch offices located in 30 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. "We view Shearson as the ideal partner in our quest to consolidate the mortgage brokerage industry," said Scott Vining, chief financial officer of Paragon. "Once this transaction is complete, we will be favorably positioned to provide a solid operating platform that will appeal to potential acquisition candidates. Not only do we share the same vision for growth through acquisition, but our management teams and geographic locations perfectly complement each other," he added. About Paragon Financial Corporation
-------------------- Trading is a blast!!
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I grabbed some today and hoping to see some more movement tomorrow and if not... still getting four to one on my shares not bad seeing PGNF is at .07 now, by shares of CSUA at 8,9,10 12,even .20 cents a share and get 4 shares of a .07 cent stock free, I'll take that deal every time who wouldn't, wait till people catch on and do there DD on this, it will fly!!!
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almost there!!!
