SOURCE: Shearson Home Loans

August 22, 2006 11:04 ET

Shearson Financial Network Posts Profit for First Half of 2006

LAS VEGAS, NV -- (MARKET WIRE) -- August 22, 2006 -- Shearson Financial Network, Inc (OTCBB: SFNN) announced today that it posted a profit for the first six months of 2006 of $1,977,262 on revenues of $4,273,860. The performance figures represent an increase of over 140% growth in revenue over last year and over 300% growth in profitability over the same period.

"We are pleased that our mortgage group has continued to grow during this period when many mortgage companies are finding it difficult to make a profit," states Michael Barron, CEO of Shearson Financial Network. "Our management team here has undertaken an aggressive growth plan and we are seeing great results. We now have positive confirmation that our strategy of acquisition and integration of independent mortgage brokerages is clearly working."

The Company released its Pro forma consolidated statements as well which place the mortgage consolidator at a $21 million dollar revenue run rate for the first six months and Pro forma profitability for the same period of $4.5 million.

About Shearson Financial Network, Inc.

Shearson Financial Network Inc. (OTCBB: SFNN) is the parent to two primary operating divisions, Shearson Home Loans and Real Property Technologies (RPT). Shearson Home Loans (SHL) is a direct-to-consumer mortgage broker and banker with revenues derived primarily from origination commissions and resale of whole loans earned on the closing of first and second mortgages on single-family residences. SHL currently employs over 500 people which are residential mortgage and/or real estate brokerage professionals. The Company is a consolidator of mortgage brokerages and integrates the brokerage companies into the Shearson Home Loans network and then banks the mortgages through its mortgage banking unit. The Company plans to continue its growth strategy through the acquisition and affiliation of mortgage brokerage firms who do not currently bank their own production.

RPT is a leading real estate information company with headquarters in New York. RPT operates within the Shearson Financial Network as a separate data network. RPT provides a steady revenue stream and profitability with which the company looks to mitigate the effects of interest rate fluctuations in the mortgage lending market. The company serves over one thousand customers in the real estate, title, and mortgage industries.

Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected results and market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.

Contact Information

  • CONTACT:
    Shearson Financial Network, Inc.
    Andrew Austin
    619-334-5644