Transnatl Ntk (AMEX:TFN)
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From Jul 2019 to Jul 2024
Transnational Financial Network, Inc. (AMEX:TFN),
announced that on April 13, 2007, that it and Texas Capital Bank agreed
to terminate and settle the contractual arrangements related to the sale
of the bank’s mortgage lending division. In
connection with the termination, Transnational agreed to pay certain
operating losses incurred by the division between September 30, 2007,
and March 31, 2007. The operating losses were mutually agreed to be
$500,000. Of the $500,000, $160,000 was paid prior to April 13, 2007,
with the balance, $340,000, to be paid in three installments pursuant to
a note, the last installment to be paid in June 2008.
Transnational, the bank and certain individuals originally issued stock
in connection with the acquisition agreed to return that stock without
consideration and not have distributed stock based on earn-out
provisions of the original agreement. Transnational originally issued
1,708,645 shares and of these, 937,776 shares will be immediately
canceled and the balance cancelled as installments are made under the
note obligation.
Joseph Kristul, Chief Executive Officer of Transnational, said, “Given
the current volatility in the mortgage industry and the industry’s
difficulties, we believed that we should focus upon our existing
business. The new operations would have required our personnel to be
involved in their integration rather than the challenges that confront
us in our established markets. Accordingly, we decided a settlement and
termination to be in our best interest.”
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.