Manhattan Bridge Capital, Inc. Announces the Buy-back of up to 100,000 of its Common Shares
March 14 2017 - 2:35PM
Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced that its
Board of Directors has authorized a common stock repurchase
allowing the buyback of up to 100,000 common shares in market or
off-market transactions at prevailing prices over the next twelve
months.
The manner, timing and number of shares purchased will be at the
Company’s discretion.
Assaf Ran, Chairman of the Board and CEO stated, “The Company
and its Board have decided to approve this stock buy-back program
in order to be able to take advantage of unpredictable and volatile
trading activities as occurred recently, and may buy its own shares
at what Management believes could be significantly undervalued
prices.”
About Manhattan Bridge Capital, Inc. Manhattan
Bridge Capital, Inc. offers short-term secured, non–banking loans
(sometimes referred to as ‘‘hard money’’ loans) to real estate
investors to fund their acquisition, renovation, rehabilitation or
improvement of properties located in the New York metropolitan
area. We operate the web site:
http://www.manhattanbridgecapital.com
Forward Looking Statements
This report contains forward-looking statements within the
meaning of section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). Forward-looking statements are
typically identified by the words “believe,” “expect,” “intend,”
“estimate” and similar expressions. Those statements appear in a
number of places in this report and include statements regarding
our intent, belief or current expectations or those of our
directors or officers with respect to, among other things, trends
affecting our financial condition and results of operations and our
business and growth strategies. These forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors (such factors are referred to herein
as “Cautionary Statements”), including but not limited to the
following: (i) we have limited operating history as a Real Estate
Investment Trust (“REIT”); (ii) our loan origination activities,
revenues and profits are limited by available funds; (iii) we
operate in a highly competitive market and competition may limit
our ability to originate loans with favorable interest rates; (iv)
our chief executive officer is critical to our business and our
future success may depend on our ability to retain him; (v) if we
overestimate the yields on our loans or incorrectly value the
collateral securing the loan, we may experience losses; (vi) we may
be subject to “lender liability” claims; (vii) our loan portfolio
is illiquid; (viii) our due diligence may not uncover all of a
borrower’s liabilities or other risks to its business; (ix)
borrower concentration could lead to significant losses; (x) our
management has limited experience managing a REIT; and (xi) we may
choose to make distributions in our own stock, in which case you
may be required to pay income taxes in excess of the cash dividends
you receive. The accompanying information contained in this press
release, including the information set forth under “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2016 filed with the Securities and Exchange
Commission, identifies important factors that could cause such
differences. These forward-looking statements speak only as of the
date of this press release, and we caution potential investors not
to place undue reliance on such statements. We undertake no
obligation to update or revise any forward-looking statements. All
subsequent written or oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in
their entirety by the Cautionary Statements.
Contacts:
Assaf Ran, CEO
(516) 444-3400
Manhattan Bridge Capital (NASDAQ:LOAN)
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