IMN Financial Corp. Announces the Acquisition of Bankers Direct Mortgage Corp. From C.F.I. Mortgage Inc. Annual Closings Over $200,000,000 Million Per Year

Business Wire, Sept 24, 1998

MELVILLE, N.Y.--(BUSINESS WIRE)--Sept. 18, 1998--IMN Financial Corp. (OTC: Bulletin Board: IMNF), a mortgage banking company, today announced the acquisition of 100% of Bankers Direct Mortgage Corp. from C.F.I. Mortgage Inc. Bankers Direct is a retail Mortgage Banking Company currently closing $20 million per month in FHA, Fannie Mae and GNMA mortgages.

With a total of nine offices, of which seven are located in Florida and two are in Colorado, Bankers Direct has "carved out a respected name in the mortgage banking business." Mr. Capuano commenting on the above stated "the Bankers Direct acquisition when added to our current volume of business, will bring the annualized total from retail mortgage closings through all subsidiaries to OVER ONE BILLION DOLLARS (1,000,000,000.00) per year.

Although complete terms of the acquisition were not announced IMN Financial Corp. did state however, the acquisition was "an earn out formula based on profitability" and did not require any issuance of stock and/or cash. This method of closing the transaction demonstrates the creative nature to both renew our philosophy to continue to make acquisitions and validate the valuation of our corporate currency.

Island Mortgage Network, Inc. is a full-service mortgage banking firm, which was established in 1984 as a one branch mortgage brokerage. Today IMN is a full-service mortgage banking firm with 49 branches operating in 22 states.

Except for the historical information contained herein the matters discussed in this press release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, release and sales of new products, and other risk factors detailed in the Company's most recent annual report, and filing with the Securities and Exchange Commission.