SAN DIEGO, Calif., April 11, 2005 (PRIMEZONE) -- Sage Global Solutions, Inc. (Pink Sheets:SGGL) announced today that it has acquired Online Mortgage, Inc. (Online Mortgage or OMI), a privately held California corporation. The acquisition is accounted for as a share purchase and exchange, wherein Sage will pay $20,000 for web development and issue one million of its shares to the owner of OMI in exchange for 100 percent of the outstanding shares of OMI. Online Mortgage will operate as a wholly owned subsidiary of Sage Global.
This acquisition further extends Sage Global's reach into the mortgage services industry, having acquired Express Notary Service, Inc. (ENS), a legal signing agent, earlier this month. "This acquisition will drastically reduce our marketing expenses related to acquiring sales leads for mortgages and document signing," said Henry Davidson, president of Sage Global.
Doug Coulter, founder of Online Mortgage, has accepted the position of chief technology officer of Sage Global. Mr. Coulter has over twenty years experience in the technology arena and has led large scale, advanced development efforts for mission-critical systems. Coulter also founded CTO Consultant, LLC, a technology consulting firm that provided outsourced business system solutions.
Coulter previously served as CTO of Reelplay, an award-winning B2B Portal for film and television and the only entertainment online company on Forbes.com's list of "the 200 most important B2B web sites" in 2000, and as CTO of Netsperanto, where he developed a "Yahoo!-like" portal in six languages. He was also vice president at System Integrators, Inc., a print/web publishing systems for media companies including Reuters, the world's largest private network.
Online Mortgage is currently developing technology to generate mortgage leads to fuel the many mortgage-related services, including loan origination for new home and refinance and other financial services. OMI is a strategic acquisition for Sage Global which is aggressively expanding its reach in the industry. "We are pleased to join the Sage Global team," said OMI president Doug Coulter. "The vision of linking complementary companies serving the mortgage supply chain is exciting and provides an unrivaled opportunity for growth and profitability."
Express Notary is an online mobile notary service that specializes in loan document closings and has an extensive network of notary agents throughout the U.S. The main focus of the company is real estate documents and legal documents common to the business community. Express Notary's mission is to be the most efficient and dependable loan signing service in the nation.
Sage Global Holdings is a holding company which, through its wholly owned subsidiaries, has a goal to provide a full range of affordable real estate and mortgage services with an emphasis on technology.
Safe Harbor Statement
Statements in this press release about the company's future expectations other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. It is important to note that actual results could differ materially from those in such "forward-looking statements" and "forward-looking statements" are subject to risks and uncertainties. The name Express Notary is a copyright of Express Notary Service, Inc.