GYSTD - The Graystone Company Announces Completion of Acquisition of Direct Capital via Reverse Merger
PLANTATION, Fla., Sept. 11, 2023 (GLOBE NEWSWIRE) -- via IBN -- The Graystone Company ( OTC: GYST ) is pleased to announce the successful completion of its acquisition of Direct Capital, a leading mortgage banker and broker, through a reverse merger transaction. The reverse merger transaction was finalized on June 1, 2023, resulting in a significant change of control within the company.
As part of this transaction, Anastasia Shishova resigned from her position as an officer and director of Direct Capital on June 1, 2023, paving the way for a new era of growth and opportunity within the organization.
Direct Capital, through its subsidiary Direct Mortgage, has exhibited remarkable performance in the mortgage industry. In 2022, the company generated revenues totaling $6,324,163. During the same year, they facilitated approximately 450 loans, securing approximately $152 million in funded mortgages.
The momentum continued into 2023, with Direct Capital achieving outstanding results. From January through August 2023, they oversaw the funding of 353 mortgages, with a total value of $119 million. This noteworthy performance in the first eight months of 2023 puts Direct Capital on pace to surpass its already impressive 2022 numbers.
The acquisition of Direct Capital by The Graystone Company marks a significant step forward in our commitment to providing exceptional financial services and expanding our footprint within the mortgage industry. With a strong foundation and a team of dedicated professionals, we are excited about the growth opportunities this merger brings and look forward to providing enhanced services to our clients.
About The Graystone Company, Inc.
The Graystone Company ( OTC: GYST ) is a dynamic and forward-thinking financial services company dedicated to delivering top-tier mortgage services and investment solutions to our clients. We are committed to innovation, growth, and excellence in the financial sector.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
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