Transnatl Ntk (AMEX:TFN)
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From Jul 2019 to Jul 2024
Transnational Financial Network, Inc. (AMEX:TFN) announced today that it
had notified the American Stock Exchange that it intended to delist the
trading of its Common Stock from the American Stock Exchange.
Joseph Kristul, Chief Executive Officer of the company said, “We
continue to believe that once the country’s
mortgage industry stabilizes, we will have a unique opportunity to
expand our market share with attractive margins. But the current
instability in the industry, which began to accelerate last fall, has
not shown signs of stabilizing. Until that stability is established, we
face substantial challenges in attaining profitability.”
Mr. Kristul noted that the liquidity from purchasers of mortgage loans
remains problematic with some former purchasers no longer buying any
mortgage loans and others repeatedly modifying lending programs and
lending standards, including those relating to non-subprime borrowers.
Loan originations remain at low levels.
In the fall of 2006, the Company had submitted a plan to the Exchange to
be able to continue the listing of its Common Stock on the Exchange,
demonstrating a plan to return to profitability in fiscal 2008 and the
having the shareholders’ equity exceed
$2,000,000.
Mr. Kristul said, “Because the problems
exacerbating the mortgage industry continue, we are less certain about
the timing of stability and recovery; the delay compounds our
substantial difficulties. Accordingly, we determined to delist our
Common Stock from the exchange.”
Transnational Financial Network, Inc. is a wholesale and retail mortgage
banker that originates, funds, and sells mortgage loans secured by one
to four family residential properties. Through its strong sales and
broker service programs, the Company has built a foundation for growth
and expansion, principally in the markets of California, Texas, and
Arizona.
This News Release may contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
correct.