Silverado Financial to Complete Filings, Seeks New Acquisitions

Silverado Financial announced last week that the company has entered into an agreement with outside parties to fund the completion of its fiscal 2005 audit as well as all delinquent filings, and is moving forward with plans to reapply for listing on the OTCBB within the next quarter or shortly thereafter. Additionally, the company said in a statement that it is aggressively seeking new acquisition candidates in the mortgage services sector and in real estate development in newly-emerging markets. Silverado was formerly known as Rhombic Corporation, and the company’s principal business consists of investing in, originating, and servicing mortgage loans, primarily those secured by first trust deeds to residential and commercial properties. The company acquired a number of mortgage banking operations during 2003 and 2004 before falling victim to financial difficulty this past year. Silverado’s management said it believes that it can successfully utilize its existing base of proprietary software, strategies and business contacts to return Silverado to a revenue-positive footing within the second or third quarter of 2007.

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