SOURCE: Shearson Home Loans

November 06, 2007 09:30 ET

Shearson Financial Network, Inc. Acquires Centrepoint Realty Group

LAS VEGAS, NV--(Marketwire - November 6, 2007) - Shearson Financial Network (OTCBB: SHSN), a consolidator in the highly fragmented mortgage brokerage marketplace, announced today that it reached an agreement to acquire all of the assets and operational businesses of Centrepoint Realty of Irvine, California. Under the agreement, Shearson Financial Network will issue to Centrepoint's shareholders stock valued at two hundred thousand dollars. Centrepoint is a residential real estate brokerage and is a licensed broker in California, Utah and Florida. It employs ten agents in California and Utah.

"This is an important step in a business combination that both parties hope will have substantial benefits," stated Michael Barron, CEO and Chairman of Shearson Financial Network. "As we expand our operations into the loan resolution business, Centrepoint will provide valuable resources to our REO department providing listing and sales talent for our real estate assets."

About Shearson Financial Network

The company is a consolidator of independent mortgage brokerages and loan resolution pools of mortgages. Shearson operates 17,538 sq. ft. of branch office space licensed in 40 states. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.sfnncorp.com or www.shearsonhomeloans.com

SEC Filings and Forward-Looking Statements

Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.

Contact Information

  • Contacts:
    Michael Barron
    Las Vegas, Nevada
    Shearson Financial Network, Inc.
    702-868-7922