Amstar Mortgage Corporation Announces Layoffs

HOUSTON--(BUSINESS WIRE)--Amstar Mortgage Corporation a subsidiary of Amstar Financial Holdings, Inc. (Pink Sheets:AFLH) announces that is laying off most of the office staff at its corporate headquarters. This is in response to current market conditions in the industry. No mortgage company in the industry is doing well at this time. Many large lenders owe Amstar Mortgage Corporation substantial money, but most of these lenders either have or are going to seek bankruptcy protection in the near future. “We had great staff here and we are sorry to let most of them go, but the current conditions require this decision,” stated Mr. Wayland. At this time Amstar is speaking with another mortgage company about managing Amstar branches, so service can be maintained with our offices and customers. Amstar Mortgage Corporation currently does over $1,000,000,000 in mortgages a year with approximately 116 branches and licensed in 31 states. Amstar Financial seeks to eventually divest itself of Amstar Mortgage Corporation, so it can concentrate on more profitable ventures. More news will be available as information and details are formalized.

“We had great staff here and we are sorry to let most of them go, but the current conditions require this decision”

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such proclamations about the Company's future expectations, including future revenues and earnings, technology effectiveness and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.