PSM Holdings, Inc. Completes Acquisition of Iowa Mortgage Professionals, Inc.
ROSWELL, N.M., Nov. 2, 2011 /PRNewswire/ -- PSM Holdings, Inc. (OTCBB: PSMH-OB), has completed the acquisition of Iowa Mortgage Professionals, Inc. (IMP), effective November 1, 2011. At the closing, IMP was merged into UCMC, which is a wholly owned subsidiary of PSMI, and its parent company, PSMH. The principal of IMP, Mr. Randy Stevens, received 1,285,714 shares of PSMH for his equity in IMP. Mr. Stevens will serve as Vice President of UCMC and Regional Manager for the Iowa operations. The region will include Iowa, Wisconsin, Minnesota, Nebraska, Illinois, and Missouri. In addition, Mr. Stevens has been appointed to the Board of Directors of UCMC.
Randy Stevens stated, "I and my team believe this new partnership with PSMH will create new opportunities for us and allow for the future growth of our mortgage operations." Ron Hanna, President and CEO of PSMH agreed, "We believe Randy's organization is poised for significant growth and we are delighted to be a part of it. As I have mentioned before, we are very fortunate to be associated with such high quality individuals and to acquire a very professional and profitable mortgage firm. The completion of this transaction represents our fifth acquisition since March 15, and further increases our national retail footprint. We will continue forward with our aggressive acquisition model and our goal of increasing shareholder value."
PSMH has filed an 8-K announcing this acquisition along with audited financial information pertaining to Iowa Mortgage Professionals, Inc.
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About PSM Holdings, Inc.
PSM Holdings, Inc., through its wholly owned subsidiary, PrimeSource Mortgage, Inc. (PSMI) provides mortgage brokerage and banking services across the United States. PSMI is currently licensed in 19 states across the United States, and oversees the operations of more than 30 branches. For more information, visit http://www.psmholdings.com.
Certain statements contained herein, including, without limitation, statements containing the words "believes," "intends" and other words of similar import, constitute "forward-looking statements" within the meaning of Section 7A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include but are not limited to that we are in the process of furthering several of the key milestones we achieved last year and creating new growth opportunities for PSM Holdings, Inc. and its subsidiaries, and that we will continue to enter new projects and strategic partnerships in 2011. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of PSM Holdings, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. PSM Holdings, Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.
Ron W. Hanna, President and CEO
SOURCE PSM Holdings, Inc.