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Investor Communications Research Summary distributed by
Investor Spec Sheet. If you received this in error or no longer wish to receive mailings from Investor Spec Sheet, please find remove instructions at the bottom of the page. To see the complete Research Report please go to www.investorcommunications.net/reports/ssfl. ____________________________________ RESEARCH SUMMARY Single Source Financial Services Corporation from Investor Spec Sheet and Investor Communications www.investorcommunications.net/reports/ssfl ____________________________________ Symbol: SSFL Recommended: 1/15/02 Price at 01/15/02: $0.54 52 Week Range: $0.04 - $1.22 Recent Price (01/15/02): $0.54 Market Capitalization: $31.9M Shares Outstanding: 59.1M Float: 7.9M Daily Volume (10-day avg): 139.1K Delayed Quote: http://quote.yahoo.com/q?s=SSFL.OB&;d=t ____________________________________ * Financial Summary Single Source Financial Services Corporation provides financial products and services to small and mid-sized businesses. The Company's initial business focus is the selling and leasing of credit card processing equipment, as well as the selling of third party processing services, to 'brick and mortar' and web-based merchants. Net sales for the nine-months ended July 31, 2001, were $802,454 as compared to $306,685 for the nine-months ended July 31, 2000, an increase of $495,769 or 261%. The major reason for the increased sales relate to the Company's expanded operations that existed in the current nine-month period compared to the same period last year. During the current period, the Company operated from 8 different offices located in four different states compared to the same period last year when the Company operated from only two offices. General and administrative expenses incurred for the nine-months ended July 31, 2001, was $1,646,966, as compared to $418,262 for the same period last year, an increase of $1,228,704, or 393%. The increase in overhead for the current nine months as compared to the same period last year relate to the Company's increased operations that existed during the current period compared to the same period last year. Rent expense for the nine-months ended July 31, 2001, amounted to $136,971 as compared to $32,530 for the prior year's nine-month period. Payroll and related employee benefits including sales commissions and draws amounted to $911,286 for the nine-month period ended July 31, 2001, as compared to $276,217 for the same period last year. Telephone expense for the current nine-month period amounted to $90,111, as compared to $17,723 for the same period last year. Advertising and related marketing costs for the current period amounted to $58,964, as compared to $25,073 for the same period last year. Professional fees for the nine-month period ended July 31, 2001, amounted to $140,337 as compared to $1,227 for the same period last year. The Company filed a Registration Statement with the Securities and Exchange Commission during the current nine month period and incurred professional fees in its preparation totaling $88,938. Significantly all of the interest expense for the nine-month period ended July 31, 2001 pertains to the interest accruing on the Company's obligation to B.A.A.M. (a related party). Interest expense for the nine-months ended July 31, 2001, amounted to $44,833 as compared to interest expense incurred during the same period last year of $2,278. The Company also received income from residuals amounting to $118,922 during the current year. Income from residuals during the same period last year was insignificant and was included in gross sales Principal business address: 121 North San Vicente Boulevard Beverly Hills, CA 90211-2303 (888) 262-1600 Investor Relations: 877-310-4768 www.ssfl.info * Business Description Single Source Financial Services Corporation is a New York corporation formed on September 19, 1994. Our Company was incorporated under the name Ream Printing Paper Corporation (Ream). In October 1994, the Company issued its shares to its shareholders in exchange for assets in another company. Ream was then spun off. The exchange was accomplished under Rule 504 of Regulation D promulgated under the Securities Act of 1933 and a Form D was filed with the Securities and Exchange Commission. In November 2000, the Company changed its name to Single Source Financial Services Corporation. The current control group of shareholders, which includes the officers, directors, and their spouses, took control of the Company on July 24, 2000 in a private transaction The Company is currently offering, or is in negotiations to offer, the following products and or services: * Electronic Transaction Processing Equipment Single Source Financial Services Corporation sells electronic transaction processing equipment to merchants who wish to offer credit card and debit card payment options to their customers. The Company utilizes an outside leasing company to provide those merchants who elect not to purchase the equipment with the option of a lease. Leasing accounts for the majority of the Company's income from these activities. The Company is actively pursuing either the acquisition or formation of a leasing company. By cutting out the "middle-man" and carrying its own leases, the Company expects to dramatically increase revenues. * Credit Card Processing Service Single Source Financial Services Corporation currently markets and sells the credit card processing services of CardReady International, Inc. The Company has secured an option to acquire CardReady International, Inc. If the acquisition is completed, the Company will be able to provide processing services directly to its own customers. The Company will then also be able to act as a third-party processor to independent sales organizations around the country. The Company's websites are located at www.mysinglesource.com and www.cardready.com. Expanded Business Description: www.investorcommunications.net/reports/ssfl/ssflbd.htm Key Management www.investorcommunications.net/reports/ssfl/ssflkey.htm ____________________________________ * Analyst Summary The credit card processing market has reached explosive levels in the last few years. In 1999 and 2000, industry-wide, card-based payments increased by 16% and 14% respectively, with debit card usage leading the way in growth. In the year 2000, card-based payments represented 29% of all domestic payment transactions. By the year 2010, it is estimated that card-based payments will represent almost 50% of all domestic payment transactions. With the acquisition of a processor (CardReady International, Inc.), the Company will be able to dramatically increase its processing revenues as well as its market share. CardReady International's sales and marketing operations are currently adding more than 100 to 200 new accounts per month, each worth from $500 to $1,000 in annual income. Further, the Company is in negotiations with independent sales organizations to add more that 1,000 new accounts per month. Single Source Financial Services Corporation plans to expand its operations to include various other financial products and services. Once this is accomplished, the Company will be able to effectively cross-sell to its ever-expanding client base. As credit cards have become the main method of payment for goods and services , the credit card processing market has realized explosive growth. Single Source Financial Services Corporation has positioned itself to capitalize on new market opportunities by targeting a growing market sector largely left untapped by bigger providers: Small to mid-sized businesses. ____________________________________ * Research Report Complete Research Report from Investor Communications can be viewed at www.investorcommunications.net/reports/ssfl. ____________________________________ * Contact Information Single Source Financial Services Corporation Jeff Carlson 877/310-4768 investorrelations@ssfl.info Magnum Financial Group, LLC Michael Manahan 213/488-0443 mike@magnumfinancial.com Visit the Company Website at www.mysinglesource.com. ________________________________________________ IMPORTANT DISCLAIMER Investor Communicatons is an independent electronic publication providing information on selected public companies. Any company profiled by Investor Communicatons pays cash or stock consideration for the electronic dissemination of the company's information for a specified time period and/or our comments about the company and/or our development of the company's website. Section 17(b) of the Securities Act of 1933 requires that Investor Communicatons fully disclose the type consideration (i.e. cash, free trading stock, restricted stock, restricted stock with registration rights, stock options, stock warrants, or other type consideration) and the specific amount of the consideration our company receives or will receive, directly or indirectly, from an issuer, underwriter, or dealer. No information contained in our website or our publications should be considered as a solicitation to purchase or sell the securities of the profiled companies. Investor Communicatons is not a registered investment advisor or a registered securities broker dealer. We do not undertake or represent to make investment recommendations or advise pertaining to the purchase or sale of the securities mentioned in our web site or publications. The information contained in our website and publications are carefully compiled by Investor Communicatons based upon sources that we believe to be reliable. Investor Communicatons, however, does not guarantee the accuracy of any information contained in our website or publications. Moreover, Investor Communicatons does not endorse, independently verify, or assert the truthfulness or reliability of any statements or data made by us or the profiled companies in our website or publications. Investors should not rely solely on the information contained in our website or publications. Instead, investors should use the information provided on the profiled companies only as a starting point for conducting additional research that will permit them to form their own opinions regarding an investment in the profiled company's securities. The receipt of the information contained in our website or publications shall not create, under any circumstance, any implication that there has been no change in the affairs of the profiled company since the date of our comments regarding the company or the date of the profiled company press releases or other information disseminated via our website or publications. The information contained in our website and publications may pertain to small cap and/or thinly traded securities which by their very nature involve an extremely high degree of risk. An investment in these type of securities could result in the loss of some or all of an investment in the company. In addition, due to the illiquid nature of some of these securities, an investor may find encounter difficulties in liquidating the securities. Investor Communicatons may liquidate the stock consideration it receives at any time it deems it appropriate to do so. The liquidation of our stock may have a negative impact on the securities of the company liquidated, including decreased market value and/or dilution of the company's securities. The following companies have paid, or have agreed to pay the parent company of Investor Communicatons to: distribute the company's information and reports in an email newsletter; post company links on featured companies page, and compile and distribute quarterly reports in an email newsletter. 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