easyQual.com announces Year 2001 Business Strategy
DENVER, CO -- (March 5, 2001) -- easyQual.com (OTCBB: EQLC, SEC Filings) has announced that the company has redefined its business strategy for 2001.
EasyQual.com will concentrate on revenue generating businesses and deploying the technology developed to date to enhance efficiencies of the company's ongoing operations.
To help construct the most efficient strategy for the company, easyQual.com has formed an advisory board of seasoned professional business leaders. The company's current management, working in concert with these advisors, is employing a business strategy to maximize earnings from its current core business, and to eliminate expenditures.
The company has already cut back over $530,000 in annual salaries and overhead expenses, mostly related to the ASP.
The mortgage refinance boom has just begun and easyQual's wholesale mortgage banking subsidiary, Entrust mortgage, is licensed to do business in 40 states and is positioned to capture significant business from this increasing market. Therefore, the company is targeting its capital expenditure to be used to support the increased mortgage business already being experienced.
"We are at the beginning of a refinance boom with the lowest rates since 1998. More money will be pumped into the economy from refinanced mortgages in 2001 than any of the proposed federal tax cuts. Mortgage refinances will be the driving economic force of the 2001 economy", says Jim Saunders, Chairman of easyQual. "Fortunately, our subsidiary, Entrust Mortgage, is positioned to post record sales in this lower interest rate environment."
Scott Sax, President, states "In meetings over the past two months, the company has committed its resources to our revenue generating businesses and to profitability. The mortgage company was profitable in 2000. By cutting back developmental expenses spent of the ASP and with the dramatically increasing sales volume of the mortgage company, we are positioned for overall profitability."
Sax Continues, "Our unsecured online lending venture is working better than ever and as a consequence, the company will be forming contractual agreements with affiliate relationships who want direct access to our automated online lending process. This project requires limited capital and human resources of the company and all developmental cost have been incurred. We expect to greatly increase our sales volume in 2001 from our unsecured lending project."
easyQual will also be emphasizing the development of its Florida waterfront
home project. After 9 months of research, planning, and permitting, the project
is underway with the first two model homes scheduled for completion in April.
This is a project of opportunity as the company has been able to acquire lots at
below market cost, negotiate preferential construction cost, and are working in
one of the "hottest" growing areas in the country. There are signed
subscriptions for 50 homes and upon completion of the model homes, more sales
are expected.
easyQual is testing the revised version of its automated decisioning technology, and has developed a web deployment strategy apart from the original ASP deployment. This software is being currently evaluated by a large potential licensee.
The company is positioned to benefit from the booming refinance mortgage market, Southwest Florida building boom, and the extraordinary interest in direct access links to its unsecured online lending. The company's 2001 year to date mortgage fundings are exceeding projections by 40%.