Mortgagebrokers.com continues its impressive growth, posting its third
consecutive record year highlighted by a 54% increase in annual revenue
and an operating profit of $338,000.
TORONTO, April 16 /CNW/ - MortgageBrokers.com Holdings, Inc. (OTCBB:
MBKR, the "Company", "Mortgagebrokers.com"), one of North America's fastest
growing new mortgage broker brands and mortgage consolidation companies, is
pleased to announce that it achieved record financial results for its fiscal
year ended December 31, 2008. The Company recorded gross revenues of
$15,802,861 for the full year of 2008 versus full year revenue in 2007 of
$10,251,113, an increase of over 54%. In addition, Mortgagebrokers.com
reported a net income of $338,074 for the year end 2008, compared to a net
loss of ($2,843,781) for the comparative period in 2007.
"We are extremely pleased with the growth we achieved in 2008 and the
recognition afforded by Profit Magazine in their October issue as Canada's
fastest growing emerging growth company." said Alex Haditaghi, CEO of
Mortgagebrokers.com. "Amidst extremely challenging market conditions, the
management team adhered to its strict policy of managing expenses, while
simultaneously focusing on increasing the traction and expansion of the
Company's unique and attractive consolidation business model. We're a new
company that's redefining the mortgage landscape. If we can turn a profit in
this economy then we'll be exceptionally well-positioned when the market
recovers." Haditaghi added.
Financial Highlights for the Twelve-Month Period Ended December 31, 2008:
- Revenue for 2008 was $15,802,861 compared to $10,251,113 for 2007.
The 54% increase in revenue was a result of an increase in mortgage
origination in 2008 over 2007, recruitment of new mortgage agents to
the Company's brand who have mature books of business, the organic
growth of the Company's existing agents' books of business and
improved revenue management.
- Cash position increased to $1,262,321 for year end 2008 compared to
$830,852 at year end 2007.
- Company reported earnings of $338,074 in 2008 as compared to a net
loss of ($2,843,781) in 2007.
- Total assets increased to $1,510,988 in 2008 from $1,182,151 for the
year ended 2007, while total current liabilities saw a decrease from
$3,278,133 to $2,573,808 for the years ended December 31, 2007 and
- Net income per share was $0.01 for 2008 compared to a net loss per
share of ($0.08) for 2007.
- Net cash inflow from operating activities was $302,409 in 2008 as
compared to a net cash outflow from operating activities in 2007 of
Business Highlights for the Twelve Months Ended December 31, 2008:
- The Company added 67 licensed mortgage agents in 2008 for a total of
387 Mortgagebroker.com agents as of year end 2008, an increase of
over 21% from the previous year.
- The Company strengthened its management team by adding Mr. Daniel
Putnam as President of Mortgagebrokers.com Financial Group of
Companies, Gary Laughlin as Vice President of Sales and Diana Soloway
as Chief Strategy Officer.
- Further developed its back-office technology platform, called "MY
MBKR" which provides exclusive and proprietary support to the
- Announced that their strategic alliance with RE/MAX Ontario-Atlantic
Canada, Inc. had launched a new website dedicated to its unique and
exclusive referral program with the Company which is administrated by
Manulife financial (NYSE: MFC) (www.remaxrsp.com). RE/MAX is
Canada's leading real estate organization with an estimated
CDN $32 billion in sales and over 15,600 sales associates in more
than 610 independently-owned and operated offices.
- By the end of 2008, Mortgagebrokers.com had five full-time senior
sales executives regionally serving their national sales agency.
Mortgagebrokers.com operations are presently conducted through their
subsidiaries in Canada in the provincial markets of Newfoundland, Nova Scotia,
New Brunswick, Prince Edward Island, Ontario and Alberta, most of which have
managed to avoid the turmoil of the US mortgage markets. However, the
management at Mortgagebrokers.com feels confident that the Company's
consolidation model presents significant opportunities for not only them, but
also for adoption by qualified members of the U.S and global mortgage broker
market currently seeking a supportive and successful platform in which to grow
"We're a consolidation company in an enormous market with ample
opportunity. As a result, we're attracting quality brokers and agents from the
banking industry who want to advocate for their customers with a broader
offering of mortgage products," says Daniel Putnam, President of
Mortgagebrokers.com. "Consumers have bought into the business model of a
mortgage brokerage. We believe demand for our services will increase as
consumers seek the best deal in the market."
A full analysis of financial results and business development for the
period ended December 31, 2008 is available in Mortgagebrokers.com Holdings,
Inc. Form 10-K, which is available on the Company's Web site at
www.mortgagebrokers.com or through the Securities and Exchange Commission's
Edgar database at www.sec.gov.
MortgageBrokers.com is dedicated to re-branding over 40,000 small and
medium mortgage brokerage ("SME") firms in North America while providing these
entities scalability through a centralized shared services platform.
MortgageBrokers.com is designed to facilitate continued ownership for these
SME brokers while they work under the umbrella of one globally recognized
brand. The Company provides centralized services in the areas of payroll and
accounting, compliance, marketing, technology, HR and lead generation to
afford its brokers improved access to potential customers through strategic
alliances and partnerships.
In operation since 2005, MortgageBrokers.com provides its national team
the opportunity to leverage origination with over 50 lending institutions,
establish higher referral fees from lenders, negotiate the loan with the best
rates, terms and features to meet each customer's unique needs and give its
team members the ability to earn ownership in a publicly-traded entity with
the goal of an eventual career exit strategy. The Company acts as broker only
and is not a lender. The Company has no mortgage lending related "on or off
balance sheet" liabilities in case mortgage financing become default. In
September of 2008, Mortgagebrokers.com was voted Canada's No. 1 Emerging
Growth Company in PROFIT Magazine's "9th Annual Hot 50 List of Canada's
Emerging Growth Companies'"
Safe Harbor and Caution Regarding Forward Looking Statements
Statements included in this press release, which are not historical in
nature, are intended to be, and are hereby identified as 'Forward-Looking
Statements' for purposes of safe harbor provided by Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be
identified by words including 'anticipate,' 'await,' 'envision,' 'foresee,'
'aim at,' 'plans,' 'believe,' 'intends,' 'estimates,' 'expects' and 'projects'
including without limitation, those relating to the company's future business
prospects, and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the
Forward-Looking Statements. Please be aware that any opinions, estimates or
forecasts regarding MortgageBrokers.com's performance made by analysts are not
endorsed by MortgageBrokers.com and do not represent the opinions, estimates
or forecasts of MortgageBrokers.com or its management. Readers are directed to
the company's filings with the U.S. Securities and Exchange Commission for
additional information and a presentation of the risks and uncertainties that
may affect the company's business and results of operations. www.sec.gov.
Mr. Jody Janson Mr. Alex Haditaghi
Investor Relations CEO, Mortgagebrokers.com Holdings, Inc.
E-mail: firstname.lastname@example.org E-mail: email@example.com
Tel: 585-232-5440 Tel: 416-410.4848
For further information:
For further information: Mr. Jody Janson, Investor Relations CEO,
E-mail: firstname.lastname@example.org, Tel: (585) 232-5440; Mr. Alex Haditaghi,
Mortgagebrokers.com Holdings, Inc., E-mail: email@example.com, Tel: