TORONTO, April 11 /CNW/ - Pacific Mortgage Group Inc ("Pacific
Mortgage") the parent company of Mortgage Architects Inc., a national
mortgage brokerage, and myNext Mortgage Company Limited, a CMHC and
Genworth approved lender with a over $1.5 BB in Mortgage fundings,
announced that it delivered a binding letter of intent to the members
of the Board of Directors of Invis Inc. ("INVIS") on March 11th, 2011. The offer included a cash offer for $9M plus equity ownership
for INVIS shareholders. Additionally, the offer included an equity
incentive package for all INVIS and Mortgage Intelligence mortgage
brokers and agents to participate in the value of a combined
Pacific Mortgage is building what it believes will become one of
Canada's most innovative and profitable financial service companies.
Its vision is to combine the mortgage loan originating strength of its
mortgage brokerages and centralize back-office service operations.
Through this business combination, Pacific Mortgage believes that the
combined entity would have the critical mass ($15 billion in annual
mortgage origination volume) to realize substantive revenue growth and
economies of scale, materially improving bottom line profitability for
its owners. Beyond that, through focus on growth in our exclusive
lender MyNext Mortgage, as well as launching a mortgage servicing
business as well as other opportunities that emerge with increased
mortgage funding levels, we believe we can create Canada's leading
independent residential mortgage origination, funding and servicing
business. Our intention is to drive critical volume through the lending
operations and to provide ownership of the entire business to the
brokerage distribution channel. The management of Pacific Mortgage
strongly believe that this transaction will be transformational to both
organizations and will generate significant shareholder value.
It was Pacific Mortgage's strong preference to continue to communicate
privately with the Company to agree on a course of action in the best
interest of all shareholders, but we feel compelled that all
shareholders should understand the context of our offer. Accordingly,
we are issuing a press release regarding the March 11 Letter.
SOURCE Pacific Mortgage Group Inc.
For further information:
CEO, Pacific Mortgage Group Inc.