Paul Colasono Joins Franklin Credit Management Corporation as Chief Financial Officer
April 14 2005 - 7:40PM
PR Newswire (US)
Paul Colasono Joins Franklin Credit Management Corporation as Chief
Financial Officer NEW YORK, April 14 /PRNewswire-FirstCall/ --
Franklin Credit Management Corporation (OTC:FCSC) (BULLETIN BOARD:
FCSC) , a specialty consumer finance company primarily engaged in
the acquisition, origination, servicing and resolution of
performing, subperforming and nonperforming residential mortgage
loans, today announced that Paul D. Colasono has joined the
Company's executive management team as Chief Financial Officer. Mr.
Colasono has thirty years of management experience in finance,
accounting, controllership, strategic planning, and mergers and
acquisitions in the retail banking and mortgage banking industry.
From 2003 to present, he was an independent business consultant
providing strategic and financial consulting services. From 1997
through 2001, he was Vice President and Controller at GE Capital
Mortgage Services Corporation, with responsibility for all
accounting, controllership, treasury and capital markets functions.
From 1981 until 1997, Mr. Colasono served in various management
capacities at The Dime Savings Bank of New York. From 1994 to 1997,
he was Senior Vice President, Chief Administrative Officer and
Chief Financial Officer of the mortgage banking division. From 1990
through 1994, Mr. Colasono was President and CEO of the Dime
Savings Bank of New Jersey, a subsidiary of The Dime Savings Bank
of New York. From 1984 to 1990, he served as Executive Vice
President / Director of Strategic Planning, and from 1982 to 1984
he was First Senior Vice President and Controller of the Dime
Savings Bank of New York. Mr. Colasono began his career at The
Chase Manhattan Bank, N.A. in 1969, and he earned his MBA and BS
(Accounting) degrees from St. John's University. "We are delighted
to welcome Paul to our executive team as the Company's new Chief
Financial Officer," commented Jeffrey Johnson, Chief Executive
Officer of Franklin Credit Management Corporation. "We look forward
to Paul playing a key role in formulating and executing our growth
strategy within the non-prime mortgage industry." The Company also
announced that Alan Joseph has resigned from his position as CFO in
order to pursue other business interests. "Alan has been a terrific
CFO and contributed greatly to the performance of Franklin Credit
Management during the past several years," noted Johnson. "More
importantly, Alan has been a great friend to the Franklin family,
and we wish him the best in his future endeavors." About Franklin
Credit Management Corporation Franklin Credit Management
Corporation (together with its wholly-owned subsidiaries, the
"Company") is a specialty consumer finance company primarily
engaged in the acquisition, origination, servicing and resolution
of performing, subperforming and nonperforming residential mortgage
loans. The Company acquires mortgage loans, generally in pools at
discounts from their aggregate contractual balances, from a variety
of mortgage bankers, banks, and other specialty finance companies,
and, through its wholly-owned subsidiary, Tribeca Lending Corp.,
also originates subprime mortgage loans. Real estate is acquired in
foreclosure or otherwise and is also generally acquired at a
discount relative to the appraised value of the asset. The Company
conducts its business from its executive and main office in New
York City and through its website http://www.franklincredit.com/.
Its common stock trades on the OTC Bulletin Board under the symbol
"FCSC". Statements contained herein that are not historical fact
may be forward- looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that are subject
to a variety of risks and uncertainties. There are a number of
important factors that could cause actual results to differ
materially from those projected or suggested in forward-looking
statements made by the Company. These factors include, but are not
limited to: (i) unanticipated changes in the U.S. economy,
including changes in business conditions such as interest rates,
and changes in the level of growth in the finance and housing
markets; (ii) the status of relations between the Company and its
sole Senior Debt Lender and the Senior Debt Lender's willingness to
extend additional credit to the Company; (iii) the availability for
purchases of additional loans; (iv) the availability of sub-prime
borrowers for the origination of additional loans; and (v) other
risks detailed from time to time in the Company's SEC reports.
Additional factors that would cause actual results to differ
materially from those projected or suggested or suggested in any
forward-looking statements are contained in the Company's filings
with the Securities and Exchange Commission, including, but not
limited to, those factors discussed under the caption "Real Estate
Risk" in the Company's Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, which the Company urges investors to
consider. The Company undertakes no obligation to publicly release
the revisions to such forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrences of unanticipated events, except as other
wise required by securities and other applicable laws. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company
undertakes no obligation to release publicly the results on any
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. For further information, please
contact: Jeffrey Johnson, CEO of Franklin Credit Management
Corporation at 212-925-8745 DATASOURCE: Franklin Credit Management
Corporation CONTACT: Jeffrey Johnson, CEO of Franklin Credit
Management Corporation, +1-212-925-8745, Web site:
http://www.franklincredit.com/
Copyright