CRIIMI MAE SEEKS TO INCREASE ITS CASH BY SELLING A FRACTION OF ITS LIQUIDATING REIT SHARES
CRIIMI MAE SEEKS TO INCREASE ITS CASH BY SELLING A FRACTION
OF ITS LIQUIDATING REIT SHARES
ROCKVILLE, Md., Sept. 4 /PRNewswire/ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM), a real estate investment trust (REIT) which currently owns approximately 66.9 percent of its subsidiary known as CRI Liquidating REIT, Inc. (NYSE: CFR), is seeking to sell nearly 15 percent, or 3 million, of its approximately 20 million Liquidating REIT shares.
"This transaction represents an excellent opportunity for CRIIMI MAE and its shareholders," said chairman William B. Dockser. "It will give CRIIMI MAE the cash at a time when cash is king."
Dockser said adding liquidity to CRIIMI MAE's balance sheet will help the company to secure lower cost financing which it can use to acquire new multifamily mortgage investments.
CRIIMI MAE is an actively-managed real estate investment trust, the largest REIT specializing in high-quality multifamily mortgages. Assets at June 30, 1992, totaled approximately $551.80 million.
CRI Liquidating REIT yesterday filed a Preliminary Prospectus with the Securities and Exchange Commission in connection with CRIIMI MAE's efforts to sell 3 million Liquidating REIT shares. That registration statement has not yet become effective. CRIIMI MAE is paying all costs of registering the shares. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
/CONTACT: James T. Pastore, 301-231-0323, Susan Bressler-Railey, 301-468-3120, both for CRIIMI MAE/
(CMM CFR) CO: CRI Insured Mortgage Association, Inc.; CRI Liquidating REIT,
Inc. ST: Maryland IN: FIN SU: 306 09-04-92 09:58 EDT TW -- DC005 -- 6864 09/04/92 10:43 EDT