DENVER, June 29, 2004 (PRIMEZONE) -- Paul S. Sidey, President of Paramco Financial Group, Inc. (OTCBB:PFDE), a financial services firm, announced today the election of new Directors to the corporation and the appointment of new officers following the resignation of Douglas G. Gregg as CEO for health reasons that preclude his day to day participation in company operations. Newly elected Directors are Terry Riely and Mike Roth, bringing the present number of Directors to four including Sidey and Gregg.
Mr. Sidey stated, "The addition of Riely and Roth strengthens the management capabilities of the corporation in terms of financial and creditor relations and compliance and acquisition experience. In addition to the basic financial services business conducted by the corporation, the Board has adopted an additional business model of forming Joint Ventures with strategic partners that are planned to provide new revenues for the corporation. Negotiations with several such prospective partners are currently underway, in addition to ongoing discussions with prospective acquisitions."
Mr. Riely had previously been a director and officer of the Company beginning in January 2003 and on December 31, 2003, resigned his positions. Prior to his current return to the company as Director, Mr. Riely had been in the financial services business in San Antonio, Texas since 1981, and will continue pursuing those interests while serving on the Board of Paramco. He has been a Certified Financial Planner since 1986 and has owned, operated and later sold a NASD Broker-Dealer Firm, Terry Riely & Associates. He is also a founding member and past president of the Leon Valley San Antonio Rotary Club and currently serves on the board of the Leukemia and Lymphoma Society of San Antonio.
Mr. Roth has had over 15 years experience in real estate lending and finance management, with emphasis on strong leadership, networking, underwriting, customer service and sales. Before co-founding SCCLLC, he took over direction of Hospitality Group Inc., which eventually became E-Net Financial Corp, where as president and CEO he oversaw the development of the public corporation from a single office to a strong, profitable mortgage company.
About Paramco Financial Group
Paramco Financial Group, founded in 1996, is a financial services holding company that specializes in the development and placement of commercial equipment leasing transactions and in assisting its clients with their capital formation needs.
The company's present plans include residential, commercial mortgage financing and commercial leasing, and eventually qualifying as a REIT. The company is currently exploring opportunities in forming strategic joint ventures with qualified partners to gain greater access to capital and revenue.
A number of statements referenced in this Release, and any other interviews that have been made, are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this actions may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might," occur. Such statements reflect the current views of the company's management with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful closing of acquisition transactions and their subsequent integration, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company does not undertake any responsibility to update the "forward-looking" statements contained in this news release.