America's Senior Financial Services, Inc. Announces Second Major Reverse Mortgage Contract Executed; Reverse Mortgage Production Could Increase by 400%.

Business Editors

JUPITER, Fla.--(BUSINESS WIRE)--June 2, 2003

America's Senior Financial Services, Inc. (OTCBB:AMSE) announced today it executed another Reverse Mortgage Origination Agreement with a major southeast based mortgage lender. Following a template for growth created during the 1st quarter 2003, AMSE will provide reverse mortgage products and back office support to the lender's branch offices. The lender has over 50 branch offices in Florida that once training is completed, will offer America's Senior portfolio of Reverse Mortgage products to their clients. Training will commence by the end of June and include web-based videos and on-line benefits calculators. Combined with AMSE's existing retail reverse mortgage platform, and other contracts previously announced, AMSE forecasts that its reverse mortgage business should increase by over 400% on an annualized basis.

Nelson A. Locke, AMSE CEO, commented: "This should not be confused with our announcement of May 27th. This is a totally separate contract. We are leveraging our experience to benefit more seniors through the contract relationship we have created. We will now have marketing capacity in at least 150 Florida offices. Once this system has been implemented smoothly, we will expand it to our out-of-state locations as well. We have previously reported profits for the 3rd Quarter 2002, the 4th Quarter 2002, and the 1st Quarter 2003. We recently forecast profits for the 2nd Quarter 2003, the fourth profitable quarter in a row. All business platforms are being challenged to continue this trend, and the Reverse Mortgage platform is no exception. We REPEAT that we believe that our company may be undervalued by the markets and may represent a good investment opportunity. Make your own informed decision. All our filings ...