(USOTC:HBTC)
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Harbourton Capital Group, Inc. ("Harbourton" or the
"Company") (OTC:HBTC) today announced a definitive agreement to
purchase all of the outstanding membership interests of Molton Allen &
Williams Mortgage Company, LLC ("MAW"), headquartered in Fairfax
Virginia, with additional facilities in Birmingham, Alabama. After it
acquires all the membership interests in MAW, Harbourton intends to
merge MAW with and into a wholly owned subsidiary, Harbourton Mortgage
Investment Corporation, ("HMIC"). The transaction, which is subject to
Harbourton's completion of due diligence, receipt of regulatory
approvals and other customary conditions, is expected to close in the
third quarter.
President and CEO of Harbourton, J. Kenneth McLendon stated, "The
ability of the combined companies to offer a full range of mortgage
programs covering the entire credit spectrum, including conforming and
non-conforming loan products through branch origination and operations
facilities in California, Virginia and Alabama, will provide
significant new opportunities for growth. There are great synergies
between the two entities with little overlap in products, sales
infrastructure and technology. Currently, each company will continue
operations as distinct divisions, but the full array of products will
be offered to support the needs of each respective client base as soon
as possible after we close."
HMIC, founded in 2001, is licensed in 43 states and services it
clients through full service branches in California and Virginia.
HMIC, a national Alt-B, Alt-A and Sub-prime wholesale mortgage lender
originated $785 million in loans during the past twelve months.
HMIC is in the initial rollout of "HELPS"(Harbourton's Electronic
Loan Processing Solution), which features its proprietary Automated
Underwriting System (AUS) and broker portal designed to bring
efficiency and consistency to loan underwriting and provide clients
new levels of customer service and convenience. Additional information
on HMIC may be found on their website http://www.hmic.com.
MAW, a privately held mortgage banking company, originated $671
million in production over the last twelve months, focusing on agency
paper to FHLMC, FNMA and FHA/VA. For over 100 years, Maw's mission has
been to provide various loan products to its clients to enable them to
provide the best home financing for the consumer. More information on
MAW is available on our website http://www.mawmortgage.com/
Harbourton is a holding company for two financial service
businesses, mezzanine lending to developers and homebuilders,
conducted by the Harbourton Financial Corporation, and mortgage
banking through HMIC. HFC's primary business is providing project
financing to builders and developers of residential, for sale
projects. The loans include financing for acquisition, development and
construction of residential single-family homes, townhouses, and
condominiums.
This press release may contain various "forward-looking
statements," within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, that represent the Company's
expectations or beliefs concerning future events. Such forward-looking
statements are about matters that are inherently subject to risks and
uncertainties. Factors that could cause actual results or performance
to differ from the expectations expressed or implied in such
forward-looking statements include the risk that the acquisition may
not be completed or, if completed, may not produce the results
anticipated.