Abode Mortgage Corporation

Abode Mortgage Corporation

July 07, 2008 20:04 ET

Abode Mortgage Corporation Announces Completing a $9.0 Million Whole Loan Sale and Extends the Non-Brokered Private Placement of Convertible Unsecured 10% Notes Offering to July 21, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - Abode Mortgage Corporation (TSX VENTURE:ABD) is pleased to report that it has completed a whole loan sale with a book value of $8.823 Million and a sale value of $8.991 Million to a global third party financial institution on June 27, 2008.

"We are very pleased to report completion of this most recent tranche sale. This sale continues to support our overall business strategy and market position," said Chief Executive Officer Mike Linehan.

Abode Mortgage Corporation further reports that it has extended the closing date on the remainder of the Non-Brokered Private Placement of Convertible Unsecured Notes offering until July 21, 2008.

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.

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