American Residential Changes Name to AmNet Mortgage, Inc.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 6, 2004 American Residential Investment Trust, Inc. (Amex:INV INV abbr. in vitro fertilization ), the parent company of American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide, today reported that it will change its corporate name to AmNet Mortgage, Inc. by May, 2004. The corporate structure will not be modified as a result of the name change nor is there any change in control. Explaining the name change, John M. Robbins Rob·bins , Frederick Chapman 1916-2003. American microbiologist. He shared a 1954 Nobel Prize for work on the cultivation of the polio virus. , Chief Executive Officer of American Residential, said, "Our goal is to link the parent company with a name that is more closely aligned with American Mortgage Network, our primary subsidiary and core business. We continue to expand and are now one of the top twenty wholesale mortgage banks in the nation. Our transformation to a mortgage bank is complete and we are on a fast growth track." The new corporate website, scheduled to go live in May, will be www.amnetmortgageinc.com. The broker website remains the same: www.amnetmortgage.com. On April 2, the Company reported that AmNet funded $1.9 billion in home loans for the quarter ending March 31, 2004. In March, AmNet funded $877 million in mortgages, compared to $558 million in February, an increase of 57%. New loan applications in March were $2.4 billion, compared to $1.3 billion in February. About American Mortgage Network Headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , AmNet originates loans for the national mortgage broker community through its network of branches and business-to-business over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Minnesota, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Oregon, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Texas, Virginia and Washington. AmNet has a total of $1.4 billion in warehouse borrowing capacity and is approved to do business in 49 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). either by license or exemption. AmNet has 5,000 broker customers across the nation. For more information, please visit www.amnetmortgage.com. About American Residential Investment Trust, Inc. American Residential Investment Trust, Inc., the parent company of American Mortgage Network, will change its corporate name to AmNet Mortgage, Inc. in May, 2004. For more information, please visit www.amerreit.com. FORWARD LOOKING STATEMENT Certain matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of federal securities laws. Forward-looking statements include statements regarding the timing of the name change and the timing related to the new website going live. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to the filing and acceptance of documents related to a corporate name change with the state of Maryland and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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