Abode Mortgage Holdings Corp.

Abode Mortgage Holdings Corp.

November 30, 2009 10:24 ET

Abode Mortgage Holdings Corp. Announces the Closure of the Company's Mortgage Origination Business

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Abode Mortgage Holdings Corp (TSX VENTURE:ABD) (the "Company" ) today announces that the sale of its wholly-owned subsidiary, Abode Mortgage Corporation (AMC), as described in the Company's November 27, 2009 press release is no longer proceeding. Further, the interim funding and mortgage loan purchase arrangements referred to in the release have terminated. Without an established funding and whole loan purchase arrangement, AMC cannot properly carry on its business and the Directors of the Company have decided to cease operations.

In commenting on these developments, the Company's CEO, Mike Linehan, stated: "Management and the staff of AMC are devastated by the decision to cease operations. However, without a committed mortgage funding and whole loan sale partner, the business of AMC is not viable. We wish to thank our loyal industry partners and deeply regret our inability to carry on in business."

About Abode Mortgage Holdings Corp.

Abode Mortgage Holdings Corp. is a public company trading on the TSX Venture Exchange under the symbol ABD.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release, and has in no way passed upon the merits of the proposed transaction.

Contact Information