MortgageIT Holdings, Inc. Shareholders Approve Acquisition by Deutsche Bank
30 November 2006 - 8:02PM
PR Newswire (US)
NEW YORK, Nov. 30 /PRNewswire-FirstCall/ -- MortgageIT Holdings,
Inc. (NYSE:MHL) announced that, at a meeting held today, its
shareholders approved the acquisition of the Company by Deutsche
Bank in an all cash transaction. Approximately 98.9% of the
Company's shares voted at the meeting approved the acquisition,
constituting approximately 64.0% of the Company's outstanding
shares of common stock. The Company expects the transaction to
close in January 2007, subject to various closing conditions,
including receipt of all remaining regulatory approvals. About
MortgageIT Holdings, Inc. MortgageIT Holdings, Inc. (NYSE:MHL) is a
self-administered mortgage real estate investment trust ("REIT")
focused on the residential lending market. The Company
self-originates its investment portfolio of high quality adjustable
rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly
owned residential mortgage banking subsidiary. MortgageIT, Inc. is
a full-service residential mortgage banking company that is
licensed to originate loans throughout the United States.
MortgageIT Holdings is organized and conducts its operations to
qualify as a REIT for federal income tax purposes. MortgageIT is
organized and operates as MortgageIT Holdings' taxable REIT
subsidiary. For more information, please visit
http://www.mortgageitholdings.com/. Certain items in this press
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address the Company's expected future business and financial
performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "will" or other
similar words or expressions. Forward-looking statements, by their
nature, address matters that are, to different degrees, uncertain
and include, among other things, statements relating to the
Company's ability to fund a fully-leveraged, self-originated loan
portfolio, its anticipated loan funding volume and the Company's
ability to pay dividends. These statements are based on the current
economic environment and management's current expectations and
beliefs, and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements. Forward-looking
statements are inherently subject to significant economic,
competitive, and other contingencies that are beyond the control of
management. The Company can give no assurance that its expectations
will be attained. Factors that could cause actual results to differ
materially from the Company's expectations include, but are not
limited to, the Company's mortgage banking subsidiary's continued
ability to originate new loans, including loans that the Company
deems suitable for its securitization portfolio; changes in the
capital markets, including changes in interest rates and/or credit
spreads; and other risks detailed in the Company's Annual Report on
Form 10-K that was filed with the Securities and Exchange
Commission ("SEC") on March 15, 2006 and from time to time in the
Company's other SEC filings. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based. DATASOURCE: MortgageIT Holdings, Inc.
CONTACT: Investors: Sean McGrath of MortgageIT Holdings, Inc.,
+1-212-651-4637; Media: Joe LoBello of Brainerd Communicators,
Inc., +1-212-986-6667, for MortgageIT Holdings Web site:
http://www.mortgageitholdings.com/
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