DENVER, July 13, 2004 (PRIMEZONE) -- Paul S. Sidey, President of Paramco Financial Group, Inc. (OTCBB:PFDE), a financial services firm, announced today the appointment of Mike Roth as the new President of Paramco Mortgage, a subsidiary of Paramco Financial Group, Inc. Mr. Roth, already a Director, will be replacing Douglas Gregg, who is stepping down as president of the subsidiary due to health reasons.
Mr. Sidey stated: "Mike Roth is uniquely qualified and adds a new dimension to the mortgage division with his leadership skills and capabilities. The Company wishes to thank Mr. Gregg for his fine work as president of Paramco Mortgage.
"Mr. Roth has had over 15 years experience in all facets of real estate lending and mortgage banking, 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 strong, profitable mortgage company."
Mr. Roth also announced today that Paramco Mortgage has signed a Letter of Intent to enter into a strategic Joint Venture with Golden West Funding of Costa Mesa, California. Golden West is a FNMA, Freddie MAC, FHA/VA lender that specializes in targeting the Hispanic market. The proposed Joint Venture will concentrate its activities in the Southwestern United States, beginning with California and Colorado. Mr. Roth noted that pending execution of definitive agreements, no absolute assurance can be given the intended joint venture will take place.
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.
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 expresses or involves 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.