Pacific Mortgage Group Inc. announces a binding offer to acquire Invis Inc. and its subsidiary Mortgage Intelligence Inc. for a purchase price of $9.0M in cash plus stock incentives.

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 organization.

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:

Alex Haditaghi
CEO, Pacific Mortgage Group Inc.

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Pacific Mortgage Group Inc.

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