Ameritrans Merger with Medallion Cancelled.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 1, 2001 Ameritrans Capital Corporation (Nasdaq:AMTC AMTC Applied Media Technologies Corporation AMTC Aerospace Manufacturing Technology Centre (Canada) AMTC American Modeling and Talent Convention AMTC Army Missile Test Center (White Sands Missile Range, NM) ) announced today that the proposed merger with Medallion Financial Corp. (Nasdaq:TAXI) has been terminated. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ameritrans' chairman and chief executive officer Gary C. Granoff, "The extended closing date set forth in the merger agreement was January 31, 2001. The parties were unable to reach mutually acceptable terms for a further extension of the merger agreement." Mr. Granoff said further that, "Prior to Ameritrans' proposed merger with Medallion, we reorganized into a holding company structure in order to enable Ameritrans to pursue investment funding opportunities previously not available to our 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. , Elk Associates Funding Corporation, which is a Small Business Investment Company licensed by 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. Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government )." Mr. Granoff also stated, "While Medallion offered a larger company through the proposed merger, we will now pursue the growth and expansion of our portfolio into non-government regulated investment and lending opportunities." Ameritrans also recently announced the payment of its quarterly dividend based on estimated earnings of $0.19 per share, payable on January 31, 2001, to stockholders of record as of January 23, 2001. Because of the termination of the proposed merger, Ameritrans further stated that it expected to take a one-time charge against earnings for its third quarter ending March 31, 2001, of approximately $400,000 of pre-paid merger expenses. Ameritrans Capital Corporation is a specialty finance company engaged in making loans to and investments in small businesses. Ameritrans' wholly owned subsidiary Elk Associates Funding Corporation has been licensed by the SBA as a Small Business Investment Company since 1980. The company maintains its offices at 747 Third Avenue, Fourth Floor, 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 , NY 10017. This announcement contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those presently anticipated or projected. Ameritrans Capital Corporation cautions investors not to place undue reliance on forward-looking statements, which speak only as to management's expectation on this date. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion