SOURCE: EQUUS RESOURCES INC

October 18, 2005 10:50 ET

/Correction "Equus Resources Announces Bert Watson as New CEO"

ATLANTA, GA -- (MARKET WIRE) -- October 18, 2005 -- In the news release "Equus Resources Announces Bert Watson as New CEO" issued earlier today by Equus Resources, Inc., we are advised by the company that the second paragraph should start with "Prior to joining Equus," rather than "Prior to joining Equus in October of this year." In addition, the second sentence of the second paragraph should read "From January 2000 until October 2003, he was the President and Chief Executive Officer of Flagship Capital Corporation and its sister company Sunset Commercial Group, LLC, Florida-based commercial lending institutions," rather than "From January 2000 until October 2005, he was the President and Chief Executive Officer of Flagship Capital Corporation and its sister company Sunset Commercial Group, LLC, Florida-based commercial lending institutions." as originally issued. Complete corrected text follows.

ATLANTA, GA -- 10/18/2005 -- Equus Resources, Inc. (OTC: EQUR) ("Equus") today named Bert Watson its new Chief Executive Officer and a member of its Board of Directors. As CEO, Bert will be responsible for the executive management of the growing group of Equus companies. Steve Cunningham has relinquished his duties as CEO, but will remain as Chairman of the Board.

Prior to joining Equus, Bert served for the previous two years as Chairman, President and Chief Executive Officer of Sunset Financial Resources, Inc., a New York Stock Exchange mortgage REIT (real estate investment trust). From January 2000 until October 2003, he was the President and Chief Executive Officer of Flagship Capital Corporation and its sister company Sunset Commercial Group, LLC, Florida-based commercial lending institutions. From November 1998 until January 2000, Bert served as Executive Vice President of Paradigm Mortgage Associates, a multi-state mortgage bank, where he managed its warehouse lines of credit, secondary marketing, and commercial loans. Prior to being with Paradigm, he held executive management positions with Tribeca Lending, Alliance Mortgage Company and Purity Financial Services. Bert has 23 years of experience in the areas of mortgage, investment, merchant and commercial banking; regulatory compliance; secondary marketing; loan underwriting; and risk management. He attended the University of Maryland and holds the following licenses: NASD Series 6 and Series 63; Life and Health Insurance; Mortgage Broker; and Certified Financial Consultant.

In making this announcement, Steve Cunningham, Chairman of Equus, stated, "We are extremely fortunate to add someone to our executive management team of such experience, talent and impeccable reputation in the financial services industry. I am pleased, even honored, to turn over the CEO position to Bert Watson. Not only is he a highly qualified person, but the highest quality person. Bert's coming on board will free me up to concentrate on the long term strategies required to meld the Equus companies into a completely cohesive, consumer-centric financial services organization."

Randy Harris, President of Equus, added, "I've known Bert for over a decade and have always found him to be the consummate professional with the highest level of integrity, attributes too seldom found in executives in our industry. Bert will provide the kind of leadership that will make the Equus companies honest, caring, loyal and successful providers of the products and services we market to consumers."

Bert Watson, commenting on his new position, said, "I am really looking forward to working with the excellent management team already in place at Equus. I am confident that my experience in the industry coupled with several innovative marketing strategies and the broad array of Equus companies will provide us a significant opportunity to build something special in the financial services marketplace."

About Equus Resources

Equus Resources is a diversified financial services company that offers consumer and commercial clients a broad range of products and services, mainly in the southeastern states. Equus plans to expand its core business through internal growth and acquisition and to add related lines of business as demand warrants. Equus is headquartered in Roswell, Georgia, a suburb of Atlanta. For more information, please visit us at www.equusresources.com or e-mail us at investorinfo@equusresources.com so we can add you to our electronic mailing list.

Forward-Looking Statements:

Any statements made in this press release which are not historical facts contain certain "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the Company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgment of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties, including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, the receipt of revenues, and other factors, many of which are beyond the control of the Company.

Contact Information

  • Contact:
    Randy L. Harris
    President
    Equus Resources, Inc.
    770-442-2364
    888-421-8326