xpiratesxcorex
03-31-2008, 09:19 PM
IRVINE, Calif., March 31, 2008 /PRNewswire-FirstCall/ -- Impac Mortgage
Holdings, Inc. (NYSE: IMH), or the "Company" a Maryland corporation, being
taxed as a real estate investment trust ("REIT"), announces that it has
settled a majority of its outstanding repurchase claims. Mr. Joseph R.
Tomkinson, Chairman and Chief Executive Officer of Impac Mortgage Holdings,
Inc. stated, "This is a big step forward for the Company as it should
ultimately improve the Company's future liquidity."
(Logo: http://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)
Further, the Company continues to negotiate its remaining warehouse
borrowings. As a result of these negotiations the Company will be required
to add disclosures and make changes to the December 31, 2007 financial
statements. Therefore the Company was unable to file its Form 10-K for the
year ended December 31, 2007 during the 15 day extension period. However,
the Company does intend to file the Form 10-K as soon as practical.
Safe Harbor Statement
This release contains forward-looking statements including statements
regarding our ability to file our Form 10-K as soon as practicable and
improvement to the Company's future liquidity. Forward- looking statements,
some of which are based on various assumptions and events that are beyond
our control, may be identified by reference to a future period or periods
or by the use of forward-looking terminology, such as "will," "should,"
"intends," "likely," "should," "anticipate," or similar terms or variations
on those terms or the negative of those terms. The forward-looking
statements are based on current management expectations. Actual results may
differ materially as a result of several factors.
For a discussion of these and other risks and uncertainties that could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's Annual
Report on Form 10-K for the period ended December 31, 2006, and the other
reports we file under the Securities and Exchange Act of 1934. This press
release speaks only as of its date and we do not undertake, and
specifically disclaim any obligation, to publicly release the results of
any revisions that may be made to any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events or circumstances
after the date of such statements.
About the Company
Impac Mortgage Holdings, Inc. is a mortgage REIT, which through its
Long Term Investment Operations is primarily invested in non-conforming Alt
A mortgage loans (Alt-A) and to a lesser extent small balance commercial
and multi-family loans. The Company is organized as a REIT for tax
purposes, which generally allows it to pass through earnings to
stockholders without federal income tax at the corporate level.
For additional information, questions or comments, please call Justin
Moisio in Investor Relations at (949) 475-3988 or email
jmoisio@impaccompanies.com. Web site: http://www.impaccompanies.com
Holdings, Inc. (NYSE: IMH), or the "Company" a Maryland corporation, being
taxed as a real estate investment trust ("REIT"), announces that it has
settled a majority of its outstanding repurchase claims. Mr. Joseph R.
Tomkinson, Chairman and Chief Executive Officer of Impac Mortgage Holdings,
Inc. stated, "This is a big step forward for the Company as it should
ultimately improve the Company's future liquidity."
(Logo: http://www.newscom.com/cgi-bin/prnh/20070305/LAM033LOGO)
Further, the Company continues to negotiate its remaining warehouse
borrowings. As a result of these negotiations the Company will be required
to add disclosures and make changes to the December 31, 2007 financial
statements. Therefore the Company was unable to file its Form 10-K for the
year ended December 31, 2007 during the 15 day extension period. However,
the Company does intend to file the Form 10-K as soon as practical.
Safe Harbor Statement
This release contains forward-looking statements including statements
regarding our ability to file our Form 10-K as soon as practicable and
improvement to the Company's future liquidity. Forward- looking statements,
some of which are based on various assumptions and events that are beyond
our control, may be identified by reference to a future period or periods
or by the use of forward-looking terminology, such as "will," "should,"
"intends," "likely," "should," "anticipate," or similar terms or variations
on those terms or the negative of those terms. The forward-looking
statements are based on current management expectations. Actual results may
differ materially as a result of several factors.
For a discussion of these and other risks and uncertainties that could
cause actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's Annual
Report on Form 10-K for the period ended December 31, 2006, and the other
reports we file under the Securities and Exchange Act of 1934. This press
release speaks only as of its date and we do not undertake, and
specifically disclaim any obligation, to publicly release the results of
any revisions that may be made to any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events or circumstances
after the date of such statements.
About the Company
Impac Mortgage Holdings, Inc. is a mortgage REIT, which through its
Long Term Investment Operations is primarily invested in non-conforming Alt
A mortgage loans (Alt-A) and to a lesser extent small balance commercial
and multi-family loans. The Company is organized as a REIT for tax
purposes, which generally allows it to pass through earnings to
stockholders without federal income tax at the corporate level.
For additional information, questions or comments, please call Justin
Moisio in Investor Relations at (949) 475-3988 or email
jmoisio@impaccompanies.com. Web site: http://www.impaccompanies.com