American Residential Investment Trust Announces American Stock Exchange Approval.Business Editors SAN DIEGO--(BUSINESS WIRE)--Jan. 29, 2003 American Residential Investment Trust, Inc. (NYSE NYSE See: New York Stock Exchange : INV INV abbr. in vitro fertilization ) announced that its common stock has been approved for listing 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 AMEX See: American Stock Exchange ). The company's common stock will begin trading on the AMEX at the start of business on Friday, January 31, 2003 under its current symbol INV. As part of its strategic plan, the company began originating mortgages in 2002 through its wholly owned mortgage banking subsidiary, American Mortgage Network (AmNet), and has intended to relinquish its status as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). The election to remove American Residential Investment Trust's REIT status was approved at its annual stockholders' meeting in August 2002. With the removal of its REIT status, the company would be unable to meet the 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 Stock Exchange's continued listing standards, which is why the company's management sought approval to list its common stock on the AMEX. "We are pleased to have our stock traded on the American Stock Exchange," said John M. Robbins, Jr., Chairman and Chief Executive Officer of the company. "Our stockholders endorsed this plan and we continue to aggressively pursue our mortgage banking model." The company intends to relinquish its REIT status in the first quarter of 2003. 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 taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information on AmNet, please visit www.amnetmortgage.com. About American Residential Investment Trust American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that had traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit www.amerreit.com. 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 the date the company's common stock will begin trading on the American Stock Exchange and the timing of American Residential's REIT status termination. 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 transfer of trading of the company's common stock by the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , the ability of the American Stock Exchange to commence trading in the company's common stock and other risk factors outlined in American Residential's SEC reports. |
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