WHITE PLAINS, N.Y., Aug 7, 2008 /PRNewswire-FirstCall/ -- Aspen Global
Corp. (Pink Sheets: AGLB) today after the bell announced that effective Friday
August 8, 2008 the new company name will be Diversified Mortgage Workout
Corporation and will trade under the symbol of (Pink Sheets: DMWK).
The company will focus on the acquisition of deep discounted sub-prime
mortgage portfolios in the range of 10 to 15 million dollars per portfolio,
and short term consumer workout loans for troubled homeowners that need to
restructure unfavorable terms with their current mortgages.
Diversified Mortgage Workout Corporation will utilize investment funds
from High Net Individuals, Hedge Funds, Institutional Investors and other
sources of funds. The company will acquire and manage all portfolios in pools
of 10 to 15 million dollars per pool on a participation basis and or under a
fee/percentage arrangement with the investors, the portfolios will act as the
collateral for the investments and the company will not utilize any of its
securities for these transactions.
"We are very excited and well positioned as a company to capitalize on the
current market conditions for this type of business plan. We are currently
negotiating several possible immediate acquisitions and expect to close on
them very shortly," said Ms. Forlenza.
About Diversified Mortgage Workout Corporation
The company engages in the acquisition of distressed sub-prime mortgage
portfolios and individual troubled homeowner's mortgages. The company has a
current outstanding public float of 1.2 million common shares.
This press release contains certain forward-looking statements. All
forward-looking statements in this press release are based on information
available to the company as of the date hereof, and the company undertakes no
obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
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