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Amstar Financial Services Announces Curtailment of Mortgage Lending Operations
Miami, FL (PRWEB) February 28, 2004--Amstar Financial Services, Inc. (OTCBB:AMAF) announced that its Board of Directors ordered curtailment of the Companys Florida mortgage lending operations effective March 1, 2004. During the last quarter of 2003 and continuing into the first quarter of 2004, the company along with other mortgage lenders nationwide experienced substantial declines in mortgage originations from the prior record pace despite historically low interest rates. The Company responded by closing four lending offices and consolidating all its support operations to the Jupiter and Miami offices. The Company reduced other expenses but was unable to overcome its negative cash flow without anticipated funding, which did not materialize. The curtailment affects approximately 50 employees at the Companys Jupiter Mortgage, Synergy Mortgage Solutions, and Americas Senior units in Jupiter, Fl and Miami, Fl. Until further notice, the Companys Colorado division will continue to operate.
The Company is continuing to evaluate its options but warns investors that it may be required to close its doors permanently. The Company also warns that it does not anticipate the ability to file its Form 10-KSB for the year ended December 31, 2003 and as a result quotation of its common stock on the OTC Bulletin Board may be suspended in accordance with the OTCBB rules.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This news release contains forward-looking statements that reflect the Company's intention to curtail its mortgage lending operations and inability to file Form 10-KSB. These forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.
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