Capital Alliance Income Trust Receives Notice of Noncompliance with AMEX Listing Requirement.SAN FRANCISCO -- Capital Alliance Income Trust Ltd. ("CAIT CAIT Center for the Application of Information Technologies (established at Western Illinois University) CAIT CDMA Air Interface Tester CAIT Computer-Aided Inspection and Test CAIT Computer-Aided Instructional Trainers ") (AMEX AMEX See: American Stock Exchange :CAA Caa See CCC. ), a residential mortgage REIT, has received notice from 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. ("Exchange") of noncompliance with the Exchange's continued listing standards due to CAIT's delay in filing Form 10-QSB with the Securities and Exchange Commission for the three months ending March 31, 2006. Richard Wrensen, CAIT's Executive Vice President and Chief Executive Officer explained that the additional time required to reclassify Verb 1. reclassify - classify anew, change the previous classification; "The zoologists had to reclassify the mollusks after they found new species" class, classify, sort out, assort, sort, separate - arrange or order by classes or categories; "How would you and report CAIT's taxable subsidiary, Capital Alliance Funding Corporation ("CAFC CAFC Court of Appeals for the Federal Circuit CAFC Canada Firearms Centre CAFC US Court of Appeals for the Federal Circuit CAFC Charlton Athletic Football Club (UK) CAFC Canadian Association of Fire Chiefs "), as an asset held for disposal at year end December 31, 2005 had delayed the filing of CAIT's Form 10-KSB and has caused the late filing of 2006's first quarter Form 10-QSB. The Exchange has granted an extension until June 16, 2006 to file Form 10-QSB. At this time CAIT's management expects Form 10-QSB to be filed on or before June 16, 2006. CAIT is a specialty residential lender, which invests in conforming and high yielding, non-conforming residential mortgage loans on one-to-four unit residential properties located primarily in California. Only residential loans with a combined loan-to-value of 75% or less are originated for CAIT's mortgage investment portfolio. Due to the disposal of CAFC, unsold mortgages with a loan-to-value greater than 75% may be transferred to CAIT. This document contains "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) that inherently involve risks and uncertainties. CAIT's actual results, operations and liquidity may differ materially from those anticipated in these forward-looking statements because of changes in the level and composition of CAIT's investments and unseen factors. As discussed in CAIT's filings with the Securities and Exchange Commission, these factors may include, but are not limited to, changes in general economic conditions, the availability of suitable investments, fluctuations in and market expectations of fluctuations in interest rates and levels of mortgage payments, deterioration in credit quality and ratings, the effectiveness of risk management strategies, the impact of leverage, the liquidity of secondary markets and credit markets, increases in costs and other general competitive factors. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion