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News and Information Article
DALLAS, Jan. 31 /-FirstCall/ -- Mortgage Assistance Center
Corporation (OTC Bulletin Board: MTGC) (the "Company"), which acquires,
manages and resells non-performing mortgages and distressed real estate
properties, today announced that it has donated a 3-bedroom home to the Crisis
Center in Kokomo, Indiana. The property, which is located near the Chrysler
plant in an urban neighborhood with stable property values, will be listed by
a volunteer Realtor and should be valued at near $40,000 when completed.
"We believe strongly in corporate responsibility and giving back to the
community," stated Dale Hensel, Chief Executive Officer of Mortgage Assistance
Center Corporation. "Our donation of this home to the Crisis Center is not a
one-time event. We intend to donate inventory to charitable organizations as
appropriate opportunities arise, and we are reviewing two similar situations
at the present time."
"A number of our employees also donate their own time to Habitat for
Humanity each quarter," added Michelle Taylor, Senior Vice President of
Corporate Development.
"Proceeds from the sale of the house will allow the Crisis Center to more
effectively provide important social services to the local community, and we
are very appreciative of this donation by Mortgage Assistance Center
Corporation," stated Richard Chamniss, Executive Director of Crisis Center
Inc. "The Kokomo Crisis Center provides food, medical services and counseling
to those in crisis. This is the fifth rehab project that the Crisis Center has
undertaken, and all have been successful."
"This property is located in a nice neighborhood, but the house was
unoccupied, in need of repair, and had become a nuisance to the community,"
continued Chamniss. "Since the donation to Crisis Center Inc., a crew
comprised of volunteers and paid workers has gutted the property, installed a
new roof, built a two-car garage and painted the exterior of the home. In
60 to 90 days, the refurbished property should be ready for a new family, and
it will be a great addition to the neighborhood."
Materials were donated by Lowes and Menards. "Angie Dobbs with the City
of Kokomo helped us tremendously in creating a workable solution for the local
community," observed Hensel. "This is what Mortgage Assistance Center
Corporation is about -- the development and execution of creative and workable
solutions for all parties involved."
Hensel challenged all American corporations, no matter how large or small,
to actively develop their own local and/or national corporate responsibility
initiatives.
About Mortgage Assistance Center Corporation
Mortgage Assistance Center Corporation is a real estate-oriented financial
services company that acquires, manages and resells non-performing secured
real estate mortgages and distressed real estate assets. The Company has a
unique proprietary business model wherein non-performing notes are restored to
a "re-performing" or "performing" status, and/or cash is traded for keys and
title to the property. The Company has the ability to foreclose, rehabilitate
or sell the mortgages and properties in its portfolio in the normal course of
its business activities.
The Company is headquartered in Dallas, Texas, and its common stock trades
on the OTC Bulletin Board under the symbol "MTGC". Additional information on
the Company is available on its website at http://www.mac-tx.com .
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward-looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, fluctuations in
operating results and other risks detailed from time to time in the Companys
filings with the Securities and Exchange Commission.
For further information, please contact:
Michelle Taylor, Senior Vice President of Corporate Development, at
214-670-0005 or via e-mail at michelle.taylor@mac-tx.com
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