American Residential Holds Annual Meeting; Company to Update Earnings Guidance with Second Quarter Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--June 19, 2003 American Residential Investment Trust, Inc. (AMEX AMEX See: American Stock Exchange : INV INV abbr. in vitro fertilization ) the parent company of American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers, held its annual meeting of stockholders today at the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Marriott Hotel in La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , California. During the meeting, two Class III directors, John M. Robbins, Chief Executive Officer of American Residential and AmNet, and Mark J. Riedy, Director of the Real Estate Institute and Ernest W. Hahn Professor of Real Estate Finance at the University of San Diego, were re-elected to hold office for a three-year term and until their respective successors are elected and qualified. During his remarks to stockholders, Mr. Robbins reiterated that AmNet's goal was to have 30 branches serving the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by the end of 2004. He noted that AmNet had increased its sales force in established branches by some 30% and new loan production managers had already been recruited for the expansion announced last week. Warehouse borrowing capacity now stands at $1.2 billion and it is expected that the Company will add new warehouse capacity in the near future. Mr. Robbins also noted that, if interest rates remained near current levels, AmNet expects monthly funding volume to be $2 billion per month by the end of 2004. The Company will update its earnings guidance with its second quarter results to be issued in late July or early August. Full-year mortgage loan fundings are now expected to be between $9 billion and $10 billion. AmNet serves more than 2,300 mortgage brokers nationwide and is currently approved to do business in 46 states either by license or exemption. 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. , American Mortgage Network is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of branches and over the Internet. AmNet has loan production offices in Orange County, Ontario, Sacramento, and San Diego, California; Denver, Colorado; New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Connecticut; Tampa, Florida; Atlanta, Georgia; Chicago, Illinois; Minneapolis, Minnesota; Cherry Hill, New Jersey; Portland, Oregon; Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. ; Richmond, Virginia; and Bellevue, Washington. For more information, please visit www.amnetmortgage.com. About American Residential Investment Trust American Residential Investment Trust, Inc. is the parent company of American Mortgage Network. The Company trades on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (Amex(R): INV). For more information, please visit www.amerreit.com. Forward Looking Statements Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding expansion of the Company's branch network, increases in warehouse capacity, anticipated monthly funding volume by the end of 2004, a planned earnings guidance update and the timing of its release and estimated loan fundings for the Company in 2003. 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: interest rate volatility and the level of interest rates generally; the Company's liquidity; the availability of financing for the origination of mortgage loans; the availability of qualified mortgage banking personnel; general economic conditions; and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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