Newcastle Announces New Executive Leadership Team to Accelerate Growth of Golf Bus. – Growth Will Be Fueled by Receipt of A...
September 26 2016 - 4:45PM
Business Wire
Newcastle Investment Corp. (NYSE:NCT; “Newcastle,” the
“Company”) today announced a new executive leadership team designed
to help execute Newcastle’s strategic priorities in its traditional
golf business and Drive Shack, an innovative global golf
entertainment company. The Company also announced that, on
September 23, 2016, Newcastle received $110 million in repayment of
a legacy real estate loan as a result of the closing of the sale of
Abercrombie & Kent, the world’s foremost luxury travel company,
which supported the obligations under the loan. The Company intends
to apply these proceeds to fund a portion of its growth
strategy.
“I am excited to announce Newcastle’s new executive leadership
team. They are a dynamic, highly skilled group of executives,” said
Chairman of Newcastle’s board of directors, Wesley R. Edens. “This
is a natural and organic evolution for the Company as we continue
to successfully execute our previously announced strategy to
monetize our legacy real estate debt portfolio and reinvest these
proceeds to develop our traditional golf business and Drive
Shack.”
Effective today, Newcastle’s executive leadership team
comprises:
- Sarah L. Watterson – Chief Executive
Officer and President.
- Lawrence A. Goodfield, Jr. – Chief
Financial Officer, Chief Accounting Officer and Treasurer.
- Sara A. Yakin – Chief Operating
Officer.
“I want to thank Ken Riis and the prior management team for
their exemplary dedication to Newcastle,” said Mr. Edens. “Ken’s
leadership has been instrumental in preparing the Company for this
next exciting chapter, and we look forward to his continued service
as a member of our board of directors.”
CONFERENCE CALL
Newcastle’s management will host a conference call on Tuesday,
September 27, 2016 at 9:00 A.M. Eastern Time.
All interested parties are welcome to participate on the live
call. The conference call may be accessed by dialing 1-866-393-1506
(from within the U.S.) or 1-706-634-0623 (from outside of the U.S.)
ten minutes prior to the scheduled start of the call; please
reference “Newcastle Investor Call.”
A simultaneous webcast of the conference call will be available
to the public on a listen-only basis at www.newcastleinv.com.
Please allow extra time prior to the call to visit the website and
download any necessary software required to listen to the internet
broadcast.
A telephonic replay of the conference call will also be
available two hours following the call’s completion through 11:59
P.M. Eastern Time on Tuesday, October 11, 2016 by dialing
1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from
outside of the U.S.); please reference access code “87993563.”
FORWARD-LOOKING STATEMENTS
Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the Company’s intent to continue
to successfully execute the previously announced strategy to
monetize its legacy real estate debt portfolio and reinvest such
proceeds to develop its traditional golf business and Drive Shack,
and the Company’s intent to fund part of this strategy with funds
recently received from an approximately $110 million repayment of a
portion of its legacy real estate debt portfolio. These statements
are based on management’s current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, many of which are beyond Newcastle’s
control. The Company can give no assurance that its expectations
will be attained. Accordingly, you should not place undue reliance
on any forward-looking statements contained in this press release.
For a discussion of some of the risks and important factors that
could cause actual results to differ from such forward-looking
statements, see the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s most recent Annual Report
on Form 10-K and Quarterly Report on Form 10-Q. Furthermore, new
risks and uncertainties emerge from time to time, and it is not
possible for the Company to predict or assess the impact of every
factor that may cause its actual results to differ from those
contained in any forward-looking statements. Such forward-looking
statements speak only as of the date of this press release. The
Company expressly disclaims any obligation to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
regard thereto or change in events, conditions or circumstances on
which any statement is based.
ABOUT NEWCASTLE
Newcastle focuses on investing in, and actively managing, real
estate related assets, including traditional and innovative golf
assets. Newcastle conducts its operations to qualify as a REIT for
federal income tax purposes. Newcastle is managed by an affiliate
of Fortress Investment Group LLC, a global investment management
firm.
For more information on our new executive leadership team,
please visit Newcastle’s website at www.newcastleinv.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160926006418/en/
Newcastle Investment Corp.Investor Relations212-479-3195
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