SOURCE: Freedom Financial Holdings, Inc.

June 13, 2008 09:00 ET

Freedom Financial Holdings Announces Expansion

FORT WAYNE, IN--(Marketwire - June 13, 2008) - Freedom Financial Holdings, Inc. (PINKSHEETS: FDMF) CEO Brian Kistler announced today that the company has finalized the terms to open a new mortgage origination office in the Cleveland area.

Kistler commented, "This is an exciting time for our company. After working so hard for the last couple of years to take our company public in an industry that has been in disarray, I am extremely pleased that we are now in a position to begin expansion. Our vision is to take advantage of the consolidation by creating an environment where independent small to medium sized mortgage brokers can join efforts and operate in a more efficient manner by combining non-revenue producing back office overhead."

Robin W. Hunt, President, Freedom Financial Mortgage, a wholly owned subsidiary, commented, "Ohio is just a natural target for expansion as close as we are. We have been licensed in Ohio for about a year now and just waiting for the right opportunity to begin implementing our business plans. Having the ability to place FHA business has created a huge opportunity to provide this growing segment of the business to smaller offices that do not have the ability to place FHA loans. Revenue to Freedom will begin in July 2008."

Hunt continued, "The group of mortgage professionals has been in business since the mid 1990s. Presently there are 10 loan officers including the principles of the firm that will be joining FDMF. In 2007, the Ohio group placed mortgages in excess of $37 million. With this additional loan volume we hope to place upwards of $200 million in loans for all of 2008. The identity of those about to join Freedom needs to stay confidential until all the licenses have been transferred officially to Freedom. It is our intent to move our Ohio headquarters to the Cleveland area.

"Along with the Foreclosure Mitigation division, I feel the future is bright for our company," concluded Kistler.

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning it expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.

Contact Information

  • Contact:
    Freedom Financial Holdings, Inc
    Brian Kistler
    260-490-5363 ext 307