TORONTO, Sept. 15 /CNW/ - MortgageBrokers.com Holdings, Inc. (OTCBB:
MBKR, the "Company"), one of North America's fastest growing mortgage broker
brands and mortgage consolidation companies is pleased to announce that in
PROFIT Magazine's "9th Annual PROFIT HOT 50", Mortgagebrokers.com has been
recognized as Canada's No.1 Emerging Growth Company.
Alex Haditaghi, CEO of Mortgagebrokers.com, Inc. states: "We are
extremely excited and honored that PROFIT Magazine has recognized the success
and growth that our company has achieved in just three short years. It is
truly the result of the tireless dedication and commitment of our experienced
management team, as well as the talent of our mortgage broker network and the
superior service that they provide to their clients".
The PROFIT HOT 50 is the definitive ranking of Canada's Emerging Growth
Companies. Published in the October issue of PROFIT magazine and online at
www.PROFITguide.com, the PROFIT 50 ranks young firms by two-year revenue
growth. Ian Portsmouth, PROFIT Magazine editor: "The PROFIT HOT 50 companies
illustrate the ingenuity and vitality of Canada's entrepreneurial sector.
Anyone who wants to start or grow a business can draw much inspiration and
many lessons from the HOT 50".
Mortgagebrokers.com revenue has grown explosively - a 3,993% increase
over the 2 year span, from $250,000 in 2005 to $10.3 million last year; and in
the first six months of 2008 the Company reported profits of $376,410 on
revenue of $6.4 million.
The Mortagebroker.com business model is unique in that they are operating
in a Canadian economy and a mortgage/housing industry that has by and large
avoided the woes of the US housing and real estate market. In addition,
regardless of the market conditions, Mortgagebrokers.com functions only as a
funding agent for residential and commercial mortgage transactions, thus
eliminating any type of credit, underwriting or inventory risk on the loans
they originate and close. The risk analysis and thus the burden, if any, are
borne by the lending institutions.
Richard West, an equity analyst with El Dorado Hills, Calif.-based Dutton
Associates Independent Research was quoted in the PROFIT article: "Alex is
doing everything right", adding: "They're in the right market, they've got the
right people and they've got the right partners".
The article by PROFIT Magazine underscores the market opportunity that
Haditaghi and his team have been able to capture - and seek to continue
"Figures from a 1999 study by the Canadian Mortgage and Housing Corp.
showed that just 14% of new mortgages and renewals originated with brokers,
who comparison-shop among lenders on behalf of homebuyers. By 2007, this
number has jumped to 33%. In the U.S., brokers' market share is approaching
80%. What's the appeal? Brokers do the legwork for homeowners who've finally
realized that the rates the banks post are just a starting point for
negotiations. Here's a business offering added value that doesn't cost
customers a dime. And industry observers say there's plenty of room for
further consolidation in a sector that's only at the point that financial
planning was 20 years ago".
Mortgagebrokers.com believes that their mortgage broker consolidation
business plan is very attractive, especially in today's market environment,
because they can provide small and medium size broker's access to strategic
growth alliances as well making available a larger lender base for their
mortgage clients. This allows the mortgage broker the ability to offer more
competitive and suitable products to their customers, increase their own brand
power and utilize an infrastructure which will allow them to reduce their
expenses by providing centralized back office services. As Mortgagebrokers.com
has proven, their business model continues to gain traction and they are
committed to maintaining their focus in achieving their overall objective of
being "North America's Largest and Most Respected Mortgage Brokerage Company".
About PROFIT Magazine
Profit: Your Guide to Business Success, is Canada's preeminent
publication dedicated to the management issues and opportunities facing small
and mid-sized businesses. For more than 25 years, Canadian entrepreneurs
across a vast array of economic sectors have remained loyal to PROFIT because
it's a timely and reliable source of actionable information that helps them
increase their revenues, boost their profitability and get the recognition
they deserve for generating positive economical and social change. Published
six times a year by Rogers Publishing Ltd., PROFIT is distributed almost
exclusively to the chief executives of companies with 5-250 employees and
annual revenue of $1 million to $25 million, reaching more than 300,000
readers across Canada. Visit PROFIT online at www.PROFITmagazine.ca.
Cautionary Note 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.
For further information:
For further information: Jody Janson, iStockDaily, Inc., (585) 232-5440,
firstname.lastname@example.org; Alex Haditaghi, CEO, Mortgagebrokers.com, (416)