Consumers Financial Signs Agreement for $5.2 Million Financing

Consumers Financial Signs Agreement for $5.2 Million Financing



CEDARHURST, N.Y., Nov. 8  /PRNewswire-FirstCall/ -- Consumers Financial
Corporation (OTC Pink Sheets: CFIN) ("CFIN") today announced that it has signed
an Agreement to finance its acquisition of Fear & Fear, Inc., an insurance
agency with ten offices located in and around Syracuse, New York. The Agreement
signed was with Independent Financial Services, Inc. and Blue Light Capital
Partners, LLC of Westerly, Rhode Island.

Jack I. Ehrenhaus, Chairman of the Board, in announcing the contract signing
for the purchase of the Fear & Fear Agency last month stated, "We are excited
about the prospects that the acquisitions gives to Consumers Financial's bottom
line. We fully believe that the Fear & Fear agency will be a great asset that
not only will help our company to expand but also help to increase the value
for our shareholders. Although the structure of the investment being arranged
by these advisors has not been finalized, the exact form of the instrument will
be tooled to match cash flow and capital needs for expanding the Fear & Fear
insurance franchise."

The project involves $5.2 million in equity and debt. The details of the
placement are being negotiated. Fear & Fear operates ten office locations and
one administrative office. The company specializes in automobile insurance and
its service area covers most of central and northern New York State. CFIN
expects that this acquisition will generate approximately $3 million in earned
income from premiums and an EBITDA of over $1,350,000.

Mr. Ehrenhaus further stated, "In addition to this financing commitment, we
have also concluded an exchange of stock with a small private eBay auction site
marketing group by the name of Subasta, Inc. While the current operations of
this enterprise are relatively small, we recognize that eCommerce is a rapidly
growing market and with our partnership with Subasta, we could create a great
dividend for our shareholders. We were particularly impressed with Subasta's
business platform and the capabilities of its management. The company operates
with a very healthy profit margin and we feel it will continue to grow and add
value to our business."

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.


DATASOURCE: Consumers Financial Corporation



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

[phone], for Consumers Financial Corporation

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