CEDARHURST, N.Y., Aug. 7, 2006 (PRIMEZONE) -- Consumers Financial Corporation (Pink Sheets:CFCJ) ("CFCJ") today announced that it is beginning the process of filing for reinstatement of its trading on the Nasdaq Bulletin Board.
Jack I. Ehrenhaus, Chairman of the Board stated, "This filing will bring us into conformity with the requirements for a fully reporting over the counter public company. We are delighted to be able to bring our filings up to date, and we will arrange for the filing for reinstatement of CFCJ stock quotes on the Bulletin Board. It is a very important move needed to encourage investor confidence."
The National Association of Securities Dealer (NASD) provides several levels at which a public company can be placed for purposes of locating quotes and market making by Broker Dealers. The Bulletin Board listing provides for the Company's stock to be easily accessible for most Broker Dealers and the status of a company as a fully reporting company indicates a willingness by a listed company to subject itself to regular reporting and certification of audited financial statements.
Mr. Ehrenhaus further stated, "We think it is imperative for CFCJ to be listed as a fully reporting company. The credibility opens our stock to a much wider trading environment, and investor. We are happy that we can begin the process of relisting our shares on the Bulletin Board and I fully expect that the completion of this process will usher in a period whereby several acquisition candidates which we have been negotiating will now feel comfortable to complete the process and become a part of our corporate structure."
New Acquisition: Consumers recently announced that it had closed on a contract to purchase a 51% in GS Woodmere, Inc., a wholly owned subsidiary of GS Woodmere Group, Inc., a Queens based medical billing and collections service agency (Woodmere).
Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of microcap companies strategically located in markets where significant growth and profits can be obtained. CFCJ targets companies where management is exceptional, products are proprietary, techniques, software or technology provide some measure of exclusivity, where profit margins are above average and where these companies can benefit from CFCJ's financial assistance either through equity or credit facilities. The Company trades under the symbol CFCJ and can be found on the Over the Counter Pink Sheets.
This press release includes or may include certain statements, estimates and forward looking projections of the company with respect to the anticipated future performance of the Company. Such statements, estimates and forward looking projections reflect various assumptions of the management of the Company that may or may not prove to be correct and involve various risks and uncertainties including, but not limited to, the risk factors contained herein.