Tidalwave/FAMS Signs Letter of Intent to Acquire AFR Funding

Apr 27, 2001, 01:00 ET from Tidalwave Holdings Inc.

    FT. LAUDERDALE, Fla., April 27 /PRNewswire/ -- Tidalwave Holdings Inc.
 (OTC Bulletin Board:   TDWV) announced that it has entered into a letter of
 intent to acquire the mortgage and real estate assets of Virginia based
 wholesale subprime mortgage bank AFR Funding.  The acquisition is anticipated
 to close within the next 30 days.
     This acquisition upon completion, will be able to provide Tidalwave's
 investment mortgage banking subsidiary, "First American Mortgage Securities,
 Inc. (FAMS)" with a major subprime origination channel, and should also
 provide a substantial impact to the company's profitability.  A new division
 will be created to serve the needs of small and medium sized mortgage
 companies, while FAMS concentrates on providing a full range of investment
 mortgage banking services including issuing mortgage backed securities and
 providing warehouse credit facilities for larger brokers and correspondent
 lenders.
     Upon completion of the acquisition, First American Mortgage Securities
 will provide secondary marketing, institutional private placement /
 securitization services, and assist AFR President Steven Woods in converting
 AFR from a regional wholesale mortgage bank into a national mortgage conduit
 with direct access to Wall Street via First American Mortgage Securities.
     Tidalwave President Leon Kline stated, "The AFR deal follows last weeks
 announcement wherein Tidalwave and publicly traded CFI Mortgage, Inc.
 (OTC Bulletin Board:   CFIM) signed a letter of intent to enter into a joint
 venture to form First American Capital Markets Group.  The joint venture would
 provide a full range of capital markets services to small banks, credit unions
 and mortgage companies, including operation of a national "Alt A" conduit."
     First American Mortgage Securities is a full service investment mortgage
 bank that operates the only true manufactured housing finance conduit in the
 United States and is a specialist in the institutional private placement
 market, providing short, medium and long term mortgage asset investments for
 commercial banks, pension funds, real estate investment trusts (REIT's),
 investment banks and finance companies.
 
     Tidalwave Holdings Inc. is a diversified public holding company that in
 addition to First American Mortgage Securities, owns or has ownership interest
 in:  MobileHomeTrader.com, MHLoans.com, AMSMortgage.com, TidalWavePC.com, and
 Citizen's Title Services, Inc.
 
     Safe Harbor for Forward-Looking Statements:  Except for historical
 information contained herein, the statements in this new release are
 forward-looking statements that are made pursuant to the safe harbor
 provisions of the Private Securities Reform Act of 1995.  Forward-looking
 statements involve known and unknown risks and uncertainties, which may cause
 the Company's actual results in the future periods to differ materially from
 forecasted results.
 
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                http://tbutton.prnewswire.com/prn/11690X22340437
 
 

SOURCE Tidalwave Holdings Inc.
    FT. LAUDERDALE, Fla., April 27 /PRNewswire/ -- Tidalwave Holdings Inc.
 (OTC Bulletin Board:   TDWV) announced that it has entered into a letter of
 intent to acquire the mortgage and real estate assets of Virginia based
 wholesale subprime mortgage bank AFR Funding.  The acquisition is anticipated
 to close within the next 30 days.
     This acquisition upon completion, will be able to provide Tidalwave's
 investment mortgage banking subsidiary, "First American Mortgage Securities,
 Inc. (FAMS)" with a major subprime origination channel, and should also
 provide a substantial impact to the company's profitability.  A new division
 will be created to serve the needs of small and medium sized mortgage
 companies, while FAMS concentrates on providing a full range of investment
 mortgage banking services including issuing mortgage backed securities and
 providing warehouse credit facilities for larger brokers and correspondent
 lenders.
     Upon completion of the acquisition, First American Mortgage Securities
 will provide secondary marketing, institutional private placement /
 securitization services, and assist AFR President Steven Woods in converting
 AFR from a regional wholesale mortgage bank into a national mortgage conduit
 with direct access to Wall Street via First American Mortgage Securities.
     Tidalwave President Leon Kline stated, "The AFR deal follows last weeks
 announcement wherein Tidalwave and publicly traded CFI Mortgage, Inc.
 (OTC Bulletin Board:   CFIM) signed a letter of intent to enter into a joint
 venture to form First American Capital Markets Group.  The joint venture would
 provide a full range of capital markets services to small banks, credit unions
 and mortgage companies, including operation of a national "Alt A" conduit."
     First American Mortgage Securities is a full service investment mortgage
 bank that operates the only true manufactured housing finance conduit in the
 United States and is a specialist in the institutional private placement
 market, providing short, medium and long term mortgage asset investments for
 commercial banks, pension funds, real estate investment trusts (REIT's),
 investment banks and finance companies.
 
     Tidalwave Holdings Inc. is a diversified public holding company that in
 addition to First American Mortgage Securities, owns or has ownership interest
 in:  MobileHomeTrader.com, MHLoans.com, AMSMortgage.com, TidalWavePC.com, and
 Citizen's Title Services, Inc.
 
     Safe Harbor for Forward-Looking Statements:  Except for historical
 information contained herein, the statements in this new release are
 forward-looking statements that are made pursuant to the safe harbor
 provisions of the Private Securities Reform Act of 1995.  Forward-looking
 statements involve known and unknown risks and uncertainties, which may cause
 the Company's actual results in the future periods to differ materially from
 forecasted results.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X22340437
 
 SOURCE  Tidalwave Holdings Inc.