SYNF Synergy Financial Grp. (MM)

Synergy Financial Group, Inc. Issues Correction for Amount of Stock Repurchased CRANFORD, N.J., Nov. 10 /PRNewswire-FirstCall/ -- Synergy Financial Group, Inc. (the "Company") (NASDAQ:SYNF) issued a press release on November 9, 2004 announcing that the Company had completed its purchase of shares of its common stock in open market transactions in association with the Company's 2003 Restricted Stock Plan and announcing the commencement of a new stock repurchase program to fund the 2004 Restricted Stock Plan. The number of shares purchased for the 2003 plan, which was incorrectly stated as 56,685 shares, did not give effect to the exchange ratio in the Company's January 2004 second-step conversion from the mutual holding company form of organization to a full stock corporation. The number of shares reserved for issuance under the 2003 Restricted Stock Plan, giving effect to the exchange ratio, is 211,031 shares, and the Company has completed the repurchases necessary to fully fund this obligation. The number of shares of its common stock that the Company intends to purchase in open market transactions for use by the Company's 2004 Restricted Stock Plan was correctly stated as 281,436 shares. (Logo: http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGO ) Forward-Looking Statements This press release contains forward-looking statements, which are not historical facts and pertain to future operating results. These forward- looking statements are within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations, and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. We do not undertake to update any forward-looking statement that may be made by the Company from time to time. http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGO http://photoarchive.ap.org/ DATASOURCE: Synergy Financial Group, Inc. CONTACT: Ralph A. Fernandez, Senior Vice President and Chief Financial Officer, Synergy Financial Group, Inc., 1-800-693-3838, ext. 3292 Web site: http://www.synergyonthenet.com/

Copyright