SOURCE: Consolidated American Industries

April 13, 2007 09:59 ET

Consolidated American (CMDJ) Subsidiary Announces Partnership With New Jersey Credit Union League

TAMPA, FL -- (MARKET WIRE) -- April 13, 2007 -- LoanWell Financial Corporation, Consolidated American Industries Corporation's (PINKSHEETS: CMDJ) residential mortgage subsidiary, has entered into a marketing relationship with the New Jersey Credit Union League (NJCUL) as of March 14th, 2007. As a result of this marketing partnership, Loan Well Financial Corporation looks to grow its market share and position themselves as a preferred Reverse Mortgage provider among New Jersey credit unions. NJCUL represents 230 credit unions in New Jersey, with over 1.2 million members.

LoanWell Financial Corporation ("LoanWell") is a wholly owned Florida corporation, headquartered in Clearwater, Florida. LoanWell is a licensed Mortgage Lender, approved to originate all types of residential and commercial mortgage loans, and is a Mortgage Branch Network company with its primary concentration in Florida and New Jersey.

Michael L. Banner, President of LoanWell, stated, "This marketing relationship will establish LoanWell Financial as one of the largest Reverse Mortgage lenders in the state of New Jersey." From its Clearwater home office, with branches in New Jersey and Florida, LoanWell Financial has emerged as one of New Jersey's and Florida's premier Reverse Mortgage lenders. Banner further stated, "The Reverse Mortgage industry is literally the savior for so many of the senior generation in our country today. With licenses pending in many states, the decision to expand LoanWell Financial on a National level into this emerging market is financially prudent and will provide greater equity to our shareholders."

Consolidated American Industries Corporation, a Nevada corporation, with principal offices located in Tampa, Florida, is a public holding company involved in the manufacturing, natural resource, and financial services business segments, including real estate lending, management, and development activities. COAM's primary operating subsidies include: LoanWell Financial Corporation; Fusion Real Estate Corporation; Fusion Mortgage Corp.; VersaStone of Florida Corporation; Consolidated American Rubber Corporation; and Consolidated American Resource Development Corp.

Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

Contact Information