Finet & Performance Advantage Establish Joint Venture

Business Wire, Sept 24, 1997

WALNUT CREEK, Calif.--(BUSINESS WIRE)--Sept. 24, 1997--Finet Holdings Corp. (OTC BB:FNHC) has established a joint venture with Performance Advantage Technologies, a company that develops an automated customer profiling and communications training system called Predictive Decision Patterns (PDP). PDP offers realtors customized profiles of potential home buyers and sellers. The profile information is gathered by asking a user a set of six questions about their buying habits and preferences.

The joint venture gives Finet exclusive license to sell the PDP product through any of Finet's existing real estate-related applications, such as The Agent Connector. The revenue from each profile sold will be split 50/50 by Performance Advantage Technologies and Finet.

"Customized profiles have helped companies increase the number of their closings by more than 40 percent in sales environments similar to the residential real estate market. We intend on marketing this product to realtors whose average commission of $3,000 depends largely on individual customer satisfaction. The company expects that the nominal $20 cost of a PDP profile will be a sound investment for realtors and will result in broad usage with similar sales results for the joint venture," said Bill Minnis, CEO of Performance Advantage.

"This agreement will add an additional revenue stream to our business model. We will add the profiler function to The Agent Connector, Finet's new Internet-based realtor productivity software, so that all members of Finet's Property Transaction Network will have direct and immediate access to customer profiles," said L. Daniel Rawitch, Finet's CEO. "There are more than one million realtors in the United States, each of whom can benefit from PDP."

The PDP system will be available to realtors nationwide in December 1997.

This announcement contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially from predicted results. More information about factors that potentially could affect Finet's financial results is included in the company's report on Form 10-K for the year ended April 30, 1997, as filed with the Securities and Exchange Commission.

Finet Holdings Corp. is a technology-based, vertically integrated real estate services company with three operating subsidiaries: Property Transaction Network, a software developer and systems integrator; PreferenceAmerica Mortgage, a mortgage broker conducting business through electronic connections with its customers; and Monument Mortgage Inc., a full-service, prime and sub-prime mortgage lender and leader in developing advanced automated loan origination and underwriting systems.

CONTACT: Finet Holdings Corp.

Dan Rawitch, 510/988-6550