LAS VEGAS, Nov. 1, 2005 (PRIMEZONE) -- Shearson Home Loans (SHL), a wholly owned subsidiary of Consumer Direct of America, www.cdofamerica.com, (OTCBB:CSUA) announced today that it posted a profit for the nine-months ending September 30, 2005 of $390,658 on revenues of $5.7 million. The performance figures represent an increase of over 150% growth in revenue over last year and more than 100% growth in profitability over the same period.
"We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," stated Michael Barron, CEO of Shearson Home Loans. "Our management team here has undertaken an aggressive growth plan and we are seeing great results."
"Their progress here in Nevada continues to underscore why Shearson Home Loans is one of the fastest growing mortgage banking companies in the Western United States," Barron said. "We look forward to 2006 as a great growth year for us as well."
About Shearson Home Loans
Shearson Home Loans (OTCBB:CSUA) is a fast-growing provider of residential mortgages. The company employs more than 300 people, 250 of whom are residential mortgage real estate brokerage professionals who have closed loan volumes of over $1 billion for the year-ended December 31, 2004. Consumer Direct operates 54,000 sq. ft. of telesales and branch office space. The company operates over 40 branch locations in 34 states. Emerging as a national leader in mortgage banking/ brokerage and ancillary services, the company plans to double its retail branch network across the United States to 100 branches by the end of 2006. The company's core competence in direct-to-consumer marketing technologies and methods results in efficiency rates that are up to 150 percent higher than industry averages.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.