Mortgage Connect, LP Completes Its Acquisition of ADFITECH, Inc. and Is Able to Provide Comprehensive “Life of Loan” Services and Solutions

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2022-04-08

EDMOND, Okla., April 8, 2022 /PRNewswire/ — Mortgage Connect, LP (“Mortgage Connect”), a national provider of mortgage services, today announced that it has successfully completed the previously announced acquisition of ADFITECH, Inc. (OTC: ADFT ) (“ADFITECH”) in an all-cash merger transaction valued at approximately $29 million. Following the transaction, holders of common shares of ADFITECH are entitled to receive $3.717451 per share in cash, the total amount being rounded to the nearest whole cent. ADFITECH is one of the leading providers of mortgage services in North America.

Tom ApellPresident and CEO of ADFITECH, said, “We are delighted to partner with Mortgage Connect, an organization with a strong reputation for customer service in the mortgage services industry. We appreciate the support of our valued customers and the talented employees and leaders of ADFITECH as we continue to work together to provide outsourced mortgage quality control, due diligence and enforcement services in the future. highest quality mortgages.”

The Coury firm served as exclusive financial advisor to Mortgage Connect and SmithAmundsen LLC served as legal advisor to Mortgage Connect. Cowen served as financial advisor to ADFITECH and McAfee & Taft served as legal advisor to ADFITECH.

About Mortgage Connect LP

Mortgage Connection is a Pittsburgh, Pennsylvania National mortgage services provider headquartered to serve the origination, default, valuation, critical communications and capital markets industries. With additional offices at New York, Texas, California, Colorado, Nevada and Alabama, the company offers customizable solutions to lenders and service providers nationwide, including 9 of the top 10 and 17 of the top 20. Through its service-first culture, Mortgage Connect and its affiliates are committed to an unwavering level of communication, education and clientele. service on every transaction and strive to leave an extremely positive and lasting impression with the consumer, loan officer and client. For more information, visit www.mortgageconnectlp.com.

About ADFITECH, Inc.

Founded in 1982, ADFITECH has earned an impeccable reputation in the mortgage industry as the premier provider of outsourced mortgage loan quality control, due diligence and mortgage enforcement services. From its 15-acre corporate campus to Edmund, Oklahoma, ADFITECH’s army of dedicated employees review and validate countless pieces of information critical to the well-being of an increasingly regulated mortgage industry. For more information, visit www.adfitech.com.

Caution Regarding Forward-Looking Statements

This press release contains certain forward-looking statements relating to the transaction between Mortgage Connect and ADFITECH. Forward-looking statements are generally identified by words or phrases such as “expects”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “should”, “could”, “will”, “should”, “probably”, “appears”, “plans”, “seeks”, “plans”, “prospects”, “may” and similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Actual results and results may differ materially from those expressed or projected in these forward-looking statements.

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Contact:
Ellie Kadz
310.502.0012

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SOURCEADFITECH, Inc.

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