Abode Mortgage Corporation

Abode Mortgage Corporation

November 19, 2008 17:18 ET

Abode Mortgage Corporation Announces Completing a $23.5 Million Whole Loan Sale

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2008) - Abode Mortgage Corporation (TSX VENTURE:ABD) is pleased to report that on November 19, 2008 it completed another insured whole loan sale with a book value of $23.5 Million and a sale value of $24.3 Million to a new insured whole loan purchaser. A portion of the sale proceeds will be used to pay in full the $300,000 loan borrowed from insiders and shareholders and the balance of the sale proceeds will be used as working capital to fund ongoing operations.

"We are very pleased to report completion of this most recent sale in our new insured buying relationship. We look forward to frequent, on going future sales to this group. This sale continues to support our overall business strategy and market position," said Chief Executive Officer Mike Linehan.

Information about Abode Mortgage Corporation is available on the Internet at: www.abodecorp.com.

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements, and as such undue reliance should not be placed on forward-looking information. Such factors include, among others, the financial needs of Abode on an ongoing basis and the timing and amount of Abode's expenditures.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information