SOURCE: Global Energy Resources Inc.

August 23, 2007 12:28 ET

Expanded Reporting of Credit Tool Increases GERI's Mortgage Business by an Additional $2MM in First Month

IRVINE, CA--(Marketwire - August 23, 2007) - Global Energy Resources Inc. (PINKSHEETS: GERI), a Delaware Corporation, has announced that earlier reporting of an additional $4 million in new business during the first month of adding a new credit reporting tool to its mortgage services, has generated an additional $2 million in new business to total a $6 million increase in the first month.

"In this initial month of use, the credit tool system had already demonstrated its tremendous value to provide an important service and also to enable the growth of the lending business. As a result, we have completed the first month analysis and can report that it has allowed us to achieve more growth than reported earlier for a total of $6 million in additional business which is $2 million more than reported earlier," states Curtis Collins, GERI spokesperson.

Collins continues, "This is a very encouraging, especially in this volatile marketplace and we anticipate continued growth as a result of the enhancement to our services. The greatest value we see is that it offers a method whereby customers' credit reports are analyzed and partial debt reduction can be rapidly managed to improve their credit scores."

He continues, "This demonstrates that by adding the tool to achieve the lowest mortgage rates for our customers, more options for mortgages have become available that would not exist without it and it helps the borrowers to achieve the best and fastest way to improve their credit scores."

GERI's Financial Division provides a mortgage warehouse line utilized by mortgage brokers and certain lending groups to finance their clients' mortgage lending needs. GERI offers wholesale lending services for the commercial, residential, construction and timeshare industries utilizing a warehouse line of credit. In addition, it has marketing arrangements with major banks and mortgage banks to provide high-level customer service and technologies to solve lending needs. The division provides rapid response electronic processing of paperwork associated with its lending service.

About Global Energy Resources Inc.:

Global Energy Resources Inc. is a Delaware corporation with branch offices in Irvine, Calif., New York and Verona, Italy. Global Energy is expanding its business operations specifically in the areas of distribution, finance and energy.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause the actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Global Energy Resources Inc.
    Susan Steffens
    1-949-209-8702
    Email: Email Contact