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LION to Sell Tuttle Risk Management
By: PAUL JACKSON
October 12, 2007
LION, Inc. said today that it had entered into an agreement to sell its Tuttle Risk Management Services business unit to Compass Analytics, LLC in a deal worth $1.2 to $1.32 million. The deal also includes a contingency payment of up to $500K based on six month revenues after the closing date.
Tuttle Risk Management provides outsourced risk management and trade execution services and the licensing of proprietary software that provides mortgage pipeline risk management solutions for mortgage companies and savings and loan associations that seek to originate and then sell loans into the secondary mortgage market.
“We are very pleased with the sale of the TRMS business,� stated David Stedman, President of LION, Inc.
“The sale of the TRMS business, together with our recent sale of Mortgage 101 to Internet Brands, strengthens the Company’s financial footing and allows us to fully concentrate on our core business, the loans group, while continuing to explore a variety of strategic alternatives.�
The deal is expected to close by the end of November, LION said. For more information, visit http://www.trmshedge.com.
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