ALBANY, N.Y., Jan. 26 /PRNewswire-FirstCall/ -- MEM Financial Solutions (Pink Sheets: MFSN) today announced that the company has purchased a 20,000 square foot office complex building as step one of its growth plan. The company also plans to create 100 new jobs in Schenectady County within eighteen months.
The 20,000 square foot building at 202 State Street, Schenectady, allows MEM Financial Solutions to consolidate all of its offices into one office building. This in return will allow the company to save time and money, permitting MEM Financial Solutions to close more loans, adding to the bottom line.
"We are very excited to be moving into downtown Schenectady," said company President Mark McLeod. "The new office space will allow MEM Financial Solutions to follow through with our expansion plans for 2006". "The company hopes to take occupancy of the new space by the end of the first quarter in 2006."
Schenectady Metroplex Development Authority, whose projects enhance business development and revitalization, will provide a grant of $54,000 helping offset the cost of parking for MEM employees in the lower State Street area. MEM Financial Solutions will purchase the building and finance renovations on its own. MEM Financial Solutions is also eligible to apply for Empire Zone benefits and Renewal Community credits based on the company's investment in Schenectady.
"With this purchase, we are showing our shareholders that we meant what we said; 2006 we will expand the company into new heights," stated, Michael Angelo, V.P. of MEM Financial Solutions. "This is only the first step and when we add 100 new employees our shareholders will then know we plan to execute our promises of shareholder value."
Forward-Looking Statement This Press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. The forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
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