SOURCE: PSM Holdings

April 30, 2007 08:41 ET

PSM Holdings Expands With License in California

ROSWELL, NM -- (MARKET WIRE) -- April 30, 2007 -- PSM Holdings (PINKSHEETS: PSMH), through its wholly owned subsidiary PrimeSource Mortgage that acts as an agent or broker for mortgage lenders, today announced it has received a license in California.

Jeffrey R. Smith, President & CEO, stated, "We are pleased to enter the California market, one of the most prominent within the real estate industry. California represents the twentieth state in which we are now licensed. As a result of our expansions, we have 75 national wholesale lenders from whom we can obtain preferred pricing, best interest rates, and a wide range of programs and products that can be tailor-made to meet customers needs. "

Quick Overview

--  Revenues for the 6 months ended December 31, 2006 were $1,597,269.
--  Throughout 2006, the Company increased its cash position through close
    management of its working capital. At the end of December 31, 2006 PSMH had
    $1.6 million in total assets with only $72,835 in total liabilities
    resulting in $1.5 million in stockholders equity.
--  Cash on hand was $520,000.
    
PrimeSource Mortgage, Inc., a wholly owned subsidiary of PSM Holdings Inc., acts as an agent or broker for mortgage lenders in real estate mortgage loan transactions, and solicits and receives applications for secured loans. PSM Holdings is a publicly traded company under the ticker symbol PSMH.

PrimeSource Mortgage is licensed in twenty states: Alaska, Arizona, Arkansas, California, Colorado, Florida, Indiana, Kansas, Oklahoma, Michigan, Minnesota, Missouri, Nebraska, New Mexico, Nevada, Tennessee, South Dakota, Texas, Vermont and Wyoming.

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of PSM Holdings.Inc, and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information

  • Contact:
    Investor Relations
    Andrew Barwicki
    516-662-9461