Consumers Financial Announces $1.2 Million Acquisition

Consumers Financial Announces $1.2 Million Acquisition 


CEDARHURST, N.Y., Aug. 24  /PRNewswire-FirstCall/ -- Consumers Financial
Corporation (OTC Pink Sheets: CFIN) ("CFIN") today announced its contract to
acquire a 51% ownership of GS Woodmere, Inc., a Queens, N.Y.-based medical bill
paying and collections service agency ("Woodmere").

Jack Ehrenhaus, Chairman of the Board said, "Woodmere possesses software
programs that allow it to interact on a virtual basis with the doctors it
services.  The uniqueness of the "virtual billing" operation allows the doctor
to check the status of patient invoices on a real-time basis.  This
characteristic, plus the competitive rates structured by Woodmere should allow
the service agency to rapidly expand with proper financial support."

Woodmere generates net revenues of approximately $800,000 per year and is
profitable.  It operates two facilities in Queens, employs 16 people and
services over 25 clinic or doctor clients.  CFIN's investment will go directly
into working capital for the firm, which will enable the company to deploy more
sophisticated cost-saving links to its clientele, to better and more broadly
market its services and to integrate their service program into new and
wide-ranging service operations.

Mr. Ehrenhaus further stated, "We see several levels of opportunity that
accompany this investment.  First, there is room for immediate expansion of the
business that Woodmere does simply by marketing more intensely.  Second,
through the availability of CFIN and its financing activities, we will be
better able to offer doctors and medical services the advances against
receivables Woodmere has been contracted to collect.  Finally, the open
architecture that Woodmere's software provides will allow us to offer service
to national organizations with consoles and interactive features that should be
very attractive.  In a word, properly financed and properly marketed, Woodmere
has the possibility of rapidly expanding its business base.  The addition of
this solid bread and butter company will be complemented by other acquisitions
in the works which may round out the profile that we have articulated of
finding undiscovered gems in the business environment that can benefit from our
financing expertise and generate great returns for our investors."

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 in profits
can be obtained.  CFIN targets companies where management is exceptional,
products are proprietary, where techniques, software or technology provide some
measure of exclusivity, and where profit margins are above average and where
these companies can benefit from CFIN's financial assistance either through
equity or credit facilities.  The company trades under the symbol CFIN and can
be found on the Over-The-Counter Pink Sheets.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

This press release includes certain forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
These statements are based on Consumer Financial's management's current
expectations and are subject to risks and uncertainties and changes in
circumstances.  All forward-looking statements included in this press release
are based upon information available to Consumers Financial as of the date of
the press release, and it assumes no obligation to update or alter its
forward-looking statements whether as a result of new information, future
events or otherwise. Further information on the risks that could affect
Consumer Financial's results of operations is detailed in its filings with the
United States Securities and Exchange Commission, including the Annual Report
for the year ended December 31, 2003. 

DATASOURCE: Consumers Financial Corporation



CONTACT:  Howard A. Scala, President of Wall Street Communications, Inc.,

[phone], for Consumers Financial; or Consumers Financial,

[phone]

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