HUNTINGTON BEACH, Calif., Feb. 7, 2002 (PRIMEZONE) -- James E. Shipley, President of EMB Corporation (OTCBB:EMBI), (Berlin:EMBI.BE), (Frankfurt:EMBI.F), and (Hamburg:EMBI: EMBI:H), announced today that EMB Corporation has received the initial investment funds arising from a private placement of its preferred and common stock with Paramount Financial Group, Inc.
James E. Shipley, President of EMB, stated, "On November 12, 2001, we announced that we had retained the services of Paramount Financial Group, Inc. to assist EMB in raising capital for the Company. We are pleased to announce that we have received the first tranche of an anticipated $1,000,000 that Paramount has agreed to invest by means of its purchase of the Company's Preferred Stock. Upon receipt of the full $1,000,000, Paramount will receive 1,000,000 shares of EMB's Series D Preferred Stock. Additionally, in a separate private placement, Paramount has also agreed to acquire 1,000,000 shares of the Company's restricted Common Stock at $1.00 per share for an additional $1,000,000, for a total of $2,000,000."
Mr. Shipley continued, "We anticipated from the beginning that this relationship would lead to EMB acquiring new investment capital and it has. We intend to use the proceeds to expand the operations of our two operating subsidiaries, First Guaranty Financial Corporation and American National Mortgage, in order to maximize their profit potential. Any new capital investment in EMB could also allow us to continue our search for other companies, which, if acquired, would compliment our current business plan."
As part of the agreements by and between Paramount and EMB, Douglas G. Gregg, President of Paramount Financial Group Inc., will be appointed to the Board of Directors at its next scheduled meeting.
To request an investor kit for EMB Corporation, please call Justin Keener at (650) 292-1585, or email EMBI@EquityBroadcast.com.
About EMB Corporation:
EMB Corporation is a financial services holding company, which provides a network to mortgage brokers, both retail and wholesale through our wholly owned mortgage companies, currently including American National Mortgage and First Guaranty Financial Corporation. Mortgages originated by our group of companies may be held temporarily for investment, or may be sold to third parties / financial institutions, or may be secured, packaged, and sold as mortgage backed securities. For further information about the Company please look at our website. http://www.embcorp.net, or http://www.embcorporation.com
A number of statements referenced in this Release and the CEOcast and EquityBroadcast.com interviews, are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans projections, objectives, goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in these actions may be identified through the use of words such as "expects," "will," "anticipates," " estimates," "believes" or statements indicating future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors described in the Company's' filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company does not undertake any responsibility to update the "forward-looking statements" contained in this news release.