SOURCE: Red Mountain Pharmaceuticals Inc.

November 08, 2007 11:33 ET

Charis Industries Co. (dba Red Mountain Pharmaceuticals Inc.) Announces the Acquisition of LendServ LLC

DALLAS, TX--(Marketwire - November 8, 2007) - Charis Industries Co. (dba Red Mountain Pharmaceuticals Inc.) (RMPI) (PINKSHEETS: RMPI) has acquired LendServ LLC. LendServ is a title and escrow company headquartered in Pittsburgh, PA. Terms of the acquisition were not disclosed.

Duane Roberts, Chairman and CEO of Charis Industries Co. (RMPI), remarked, "LendServ is a title and escrow company that is licensed in over 36 states. Acquiring this company along with a very talented management team is a key component for growth, both organically and strategically. LendServ's industry is fragmented and is poised for consolidation. We want to be a leader in consolidating companies associated with the mortgage industry and feel that this contrarian approach will build significant shareholder value for Charis when the pendulum swings."

Paul Donaldson, CEO of LendServ, stated, "We are excited about becoming a part of Charis Industries Co. and their strategy and future prospects. LendServ's core product lines are: credit, title, appraisal and escrow services. Our expertise in these areas gives us an advantage and we think joining Charis will amplify our future and our growth."

Mr. Donaldson, Co-Founder and CEO of LendServ LLC, will join the Board of Directors of RMPI (Charis) and will continue to manage business development objectives and overall company strategies. Mr. Michael Giancola, Co-Founder and COO, will continue to manage the day-to-day operations of LendServ. LendServ will become a wholly owned subsidiary of Charis Industries Co.

LendServ is the premier provider of credit, appraisal, flood certification, title and escrow settlement services to lenders in the residential and commercial lending industry. The company prides itself on quality products and on providing an exceptional level of customer service to clients. With a high level of industry expertise and technological resources, the firm offers streamlined solutions and views the loan fulfillment process from the customer's perspective. The company's web site is www.lendserv.com.

Charis Industries Co. is a diversified holding company that has reversed merged into Red Mountain Pharmaceuticals Inc. Red Mountain's name and stock symbol will be changed to Charis Industries Co. Charis seeks to purchase, for long-term investments, companies that are leaders in their specific markets of service-oriented industries. Primarily focusing on the current out of favor mortgage industry, the Company will employ a buy, build and cost elimination strategy with its investments. The Company looks for investments, which it can grow through vertical acquisitions, roll-up acquisitions, turnaround acquisitions, and acquisitions in which the management team believes there are synergies for cost elimination and/or cross marketing potential. For more information on Charis Industries, please visit the Company's website at www.charisindustries.com.

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Charis Industries Co., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information

  • For more information contact:
    Charis Industries Co.
    Duane Roberts
    Chairman and CEO
    214-987-0844

    Investor Relations:
    The Eversull Group
    Jack Eversull
    972-378-7917
    972-378-7981 (fax)
    Email Contact