ST. PETERSBURG, Fla., March 24, 2005 (PRIMEZONE) -- Corporate Mortgage Solutions, Inc. (Pink Sheets:CMSI) announced today that they have signed a binding letter of intent to acquire Big Apple Wallcovering, Inc. As a result of a completed acquisition, Corporate Mortgage Solutions will enhance its diversified portfolio of assets and provide further opportunities to increase its revenues in the future with the two wholly owned subsidiaries.
Big Apple Wallcovering, Inc.'s past and current clients include Walt Disney World Resorts, Caesars Resorts International, and Central Park Cafe among others. Big Apple Wallcovering is currently expanding its line of fine commercial vinyl wallcovering. For more information visit www.bigapplewallcovering.com.
The acquisition is scheduled to be completed on or about April 26, 2005. Both parties will be working together to solidify the management team and complete the necessary due diligence. Both parties have agreed to maintain the current stock structure.
"We believe this acquisition will result in a steady revenue stream for Corporate Mortgage Solutions and the additional capital will supplement Tampa Bay Mortgage's ability to provide 24 hour mortgages to its clients," stated Damian Guthrie, CEO Corporate Mortgage Solutions, Inc.
Corporate Mortgage Solutions, Inc. operates through it's wholly owned subsidiary Tampa Bay Mortgage Solutions, Inc., which is a direct lender specializing in short term asset based lending. The company specializes in acquisition financing, construction loans, and lines of credit for builders. The mission of the company is to build a diverse portfolio of debt and equity instruments that will provide the shareholders with both current income and capital appreciation. The specialty of the company is "hassle free hard equity loans." The company has a web site, http://www.corporatemortgagesolutions.com.
The release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.