New York Mortgage Trust, Inc. Shares to Begin Trading on the OTC Bulletin Board Under Stock Symbol 'NMTG'
September 11 2007 - 9:00AM
PR Newswire (US)
NEW YORK, Sept. 11 /PRNewswire-FirstCall/ -- New York Mortgage
Trust, Inc. (NYSE:NTR) today announced that its shares are being
de-listed from the NYSE and that beginning on Tuesday, September
11, 2007 its common stock will be traded on the OTC Bulletin Board
under the symbol "NMTG." As previously announced, the Company has
applied to list its common stock on another national securities
exchange. The Company expects to complete the new listing process
in late September or early October; however, no assurance can be
given that the Company's common stock will be approved for listing
on another national securities exchange. About New York Mortgage
Trust New York Mortgage Trust, Inc. (NMTG), a self-advised real
estate investment trust (REIT) engaged in the investment in and
management of high credit quality residential adjustable rate
mortgage (ARM) loans and mortgage- backed securities (MBS). As of
March 31, 2007, the Company exited the mortgage lending business.
The Company's portfolio is comprised of securitized, high credit
quality, adjustable and hybrid ARM loans, and purchased MBS.
Historically at least 98% of the portfolio has been rated "AA" or
"AAA". As a REIT, the Company is not subject to federal income tax
provided that it distributes at least 90% of its REIT income to
stockholders. Certain statements contained in this press release
may be deemed to be forward-looking statements that predict or
describe future events or trends. The matters described in these
forward-looking statements are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond the Company's control. The Company faces many risks that
could cause its actual performance to differ materially from the
results predicted by its forward-looking statements, including,
without limitation, that a rise in interest rates may cause a
decline in the market value of the Company's assets, prepayment
rates that may change, borrowings to finance the purchase of assets
may not be available or may not be available on favorable terms,
the Company may not be able to maintain its qualification as a REIT
for federal tax purposes, the Company may experience the risks
associated with investing in mortgage loans, including changes in
loan delinquencies, and the Company's hedging strategies may not be
effective. The reports that the Company files with the Securities
and Exchange Commission contain a fuller description of these and
many other risks to which the Company is subject. Because of those
risks, the Company's actual results, performance or achievements
may differ materially from the results, performance or achievements
contemplated by its forward- looking statements. The information
set forth in this news release represents management's current
expectations and intentions. The Company assumes no responsibility
to issue updates to the forward-looking matters discussed in this
press release. DATASOURCE: New York Mortgage Trust, Inc. CONTACT:
Steven R. Mumma, Co-CEO, President, Chief Financial Officer of New
York Mortgage Trust, Inc., +1-212-792-0107, ; or Joe Calabrese,
General, +1-212-827-3772, or Julie Tu, Analysts, +1-212-827-3776,
both of Financial Relations Board, for New York Mortgage Trust,
Inc.
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