Consumers Financial Announces $1.2 Million Acquisition CEDARHURST, N.Y., Aug. 24 /PRNewswire-FirstCall/ -- Consumers Financial Corporation (OTC Pink Sheets: CFIN) ("CFIN") today announced its contract to acquire a 51% ownership of GS Woodmere, Inc., a Queens, N.Y.-based medical bill paying and collections service agency ("Woodmere"). Jack Ehrenhaus, Chairman of the Board said, "Woodmere possesses software programs that allow it to interact on a virtual basis with the doctors it services. The uniqueness of the "virtual billing" operation allows the doctor to check the status of patient invoices on a real-time basis. This characteristic, plus the competitive rates structured by Woodmere should allow the service agency to rapidly expand with proper financial support." Woodmere generates net revenues of approximately $800,000 per year and is profitable. It operates two facilities in Queens, employs 16 people and services over 25 clinic or doctor clients. CFIN's investment will go directly into working capital for the firm, which will enable the company to deploy more sophisticated cost-saving links to its clientele, to better and more broadly market its services and to integrate their service program into new and wide-ranging service operations. Mr. Ehrenhaus further stated, "We see several levels of opportunity that accompany this investment. First, there is room for immediate expansion of the business that Woodmere does simply by marketing more intensely. Second, through the availability of CFIN and its financing activities, we will be better able to offer doctors and medical services the advances against receivables Woodmere has been contracted to collect. Finally, the open architecture that Woodmere's software provides will allow us to offer service to national organizations with consoles and interactive features that should be very attractive. In a word, properly financed and properly marketed, Woodmere has the possibility of rapidly expanding its business base. The addition of this solid bread and butter company will be complemented by other acquisitions in the works which may round out the profile that we have articulated of finding undiscovered gems in the business environment that can benefit from our financing expertise and generate great returns for our investors." Consumers Financial Corporation is a diversified merchant banking and financial services company dedicated to finding and assessing the value of microcap companies strategically located in markets where significant growth in profits can be obtained. CFIN targets companies where management is exceptional, products are proprietary, where techniques, software or technology provide some measure of exclusivity, and where profit margins are above average and where these companies can benefit from CFIN's financial assistance either through equity or credit facilities. The company trades under the symbol CFIN and can be found on the Over-The-Counter Pink Sheets. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release includes certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on Consumer Financial's management's current expectations and are subject to risks and uncertainties and changes in circumstances. All forward-looking statements included in this press release are based upon information available to Consumers Financial as of the date of the press release, and it assumes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Further information on the risks that could affect Consumer Financial's results of operations is detailed in its filings with the United States Securities and Exchange Commission, including the Annual Report for the year ended December 31, 2003. DATASOURCE: Consumers Financial Corporation CONTACT: Howard A. Scala, President of Wall Street Communications, Inc., +1-727-942-0011, for Consumers Financial; or Consumers Financial, +1-800-338-9338

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