New Century Announces Equity Investment in NextAce
IRVINE, Calif., Dec. 19 /PRNewswire-FirstCall/ -- New Century Financial Corporation (Nasdaq: NCEN) announced today that it has closed a minority equity investment in NextAce Corporation, a company that has developed new optical title search technology. New Century expects to use the software and processes developed by NextAce to enable New Century and its customers to verify title information in minutes.
"We are very excited about the technology," said Patrick Flanagan, President of New Century Mortgage Corporation. "It will improve the efficiency of our loan approval process and enhance credit quality," added Flanagan.
"We are pleased to have New Century as part of our team," said Mike Armstrong, President of NextAce. "Their leadership position in developing and adopting technology for the mortgage industry will provide us with a depth of knowledge as we improve the integration of our solutions with mortgage and title insurance providers," added Armstrong.
About NextAce Corporation
NextAce Corporation is a technology company that provides software and services primarily to the title insurance and mortgage lender industries. It's Title EDGE process was launched in 2003 to assist title companies in streamlining the production of preliminary title reports and commitments. Additional information on NextAce can be found at www.nextace.com.
About New Century
New Century Financial Corporation (Nasdaq: NCEN) is one of the nation's largest specialty mortgage companies, providing first and second mortgage products to borrowers nationwide through its operating subsidiaries. New Century is committed to serving the communities in which it operates with fair and responsible lending practices. To find out more about New Century, visit www.ncen.com.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release may be considered to be forward-looking statements under federal securities laws, and New Century intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include (i) New Century's belief that the NextAce software and processes will enable New Century and its customers to verify title information in minutes, and (ii) New Century's belief that the NextAce technology will improve the efficiency of its loan approval process and enhance credit quality. New Century cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such factors include, but are not limited to, (i) successful development of the NextAce technology, (ii) New Century's ability to integrate NextAce's technology and processes into its own operations, and (iii) the risks identified in New Century's Annual Report on Form 10-K for the year ended December 31, 2002 and its other periodic filings with the Securities and Exchange Commission. New Century assumes no obligation to update the forward- looking statements contained in this press release.
SOURCE New Century Financial Corporation