LION Buys Risk Management Firm

LION Inc., Seattle, has entered into an agreement to acquire Tuttle Risk Management Services, a provider of mortgage pipeline risk management services based in San Rafael, Calif.Under the terms of the agreement, TRMS shareholders will receive $2.7 million in consideration, made up of 3.1 million restricted shares of LION common stock and promissory notes (due in 2007) in the principal amount of about $1.3 million, LION said. LION paid no cash in the deal. TRMS recorded unaudited revenue of $6.2 million in 2003 and $4.7 million in revenue for the first nine months of this year. The acquisition has been approved by the board of directors of both companies. The companies can be found on the Web at http://www.lioninc.com and http://www.trmshedge.com.