CEDARHURST, N.Y., Aug. 11, 2006 (PRIMEZONE) -- Consumers Financial Corporation (Pink Sheets:CFCJ) ("CFCJ") today announced that it has come one step closer in the company's transition strategy to move from the Pink Sheets to the OTCBB and is begining the process of filing for reinstatement to the Over The Counter Bulletin Board. As part of that process, Consumers is engaging an independent auditor to complete all of the company's financials.
Jack I. Ehrenhaus, Chairman of the Board, stated, "This filing will bring us into conformity with the requirements for listing on the OTCBB. We are delighted to be able to arrange for the reinstatement of CFCJ stock quotes on the OTCBB. It is a very important move needed to encourage investor confidence."
Consumers Financial Corporation previously announced that it had acquired a 51% interest in GS Woodmere, Inc., a wholly owned subsidiary of GS Woodmere Group, Inc., incorporated in Nevada, a Queens based medical billing and collections service agency (Woodmere). Woodmere is in the process of getting their Information and Disclosure Statement (form 15c211) filed and will decide shortly whether to apply to the Pink sheets or the OTCBB with the goal of becoming a publicly trading company by the end of the calendar year.
Using its strong foundation, GS Woodmere will take advantage of a fantastic opportunity to rapidly expand its customer base within the $78 billion medical billing and collection market. GS Woodmere will be investing in the development of a new program called Doctor4School, which is expected to allow the company to grow substantially and pave the way for its emergence onto the national marketplace.
Consumers Financial Corporation announces that it has formed an alliance with Knowledge Market, Inc. to source and acquire new technologies. Knowledge Market sources technologies from leading research institutions such as the National Aeronautics and Space Administration (NASA), Ames Research Center, Jet Propulsion Lab (JPL), National Institutes of Health (NIH), Berkeley National Lab, Los Alamos National Laboratory, Lawrence Livermore National Laboratory, Oak Ridge National Laboratory, Stanford University, University of California, Berkeley, UCLA, Harvard University, Massachusetts Institute of Technology, Oxford University, Cambridge University, Tokyo University, various corporate research labs and from individual inventors with exceptional backgrounds in their respective domains.
"We are very pleased to be working with Knowledge Market to move the company forward by acquiring novel technologies from top tier global research labs," stated Jack Ehrenhaus, President of Consumers Financial Corporation.
A Non-Disclosure Agreement was entered into on January 17, 2006, by and between Flatlands Enterprise Inc. and Consumers Financial Corporation to negotiate a potential acquisition of an MRI facility. Plans are being discussed for the possible expansion of the asset to include a Positron Emissions Tomography, the latest technology that produces powerful images of the human body's metabolic activity, identifies not only active diseases earlier than most other diagnostic tests, but also the progress of the disease and response to treatment. Negotiations are on-going.
Management remains committed to accomplish its goals and implement its business strategy by identifying financial options in preparation for the company acquiring ownership interest in growing companies and commence an exhaustive search for acquisition candidates.
Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of microcap companies strategically located in markets where significant growth and profits can be obtained. CFCJ targets companies where management is exceptional, products are proprietary, techniques, software or technology provide some measure of exclusivity, where profit margins are above average and where these companies can benefit from CFCJ's financial assistance either through equity or credit facilities. The Company trades under the symbol CFCJ and can be found on the Over the Counter Pink Sheets
This press release includes or may include certain statements, estimates and forward-looking projections of the company with respect to the anticipated future performance of the Company. Such statements, estimates and forward-looking projections reflect various assumptions of the management of the Company that may or may not prove to be correct and involve various risks and uncertainties including, but not limited to, the risk factors contained herein.