News Release
Mr. Tomkinson commented, "As a result of higher than anticipated adjustable rate loan production from our correspondent and wholesale loan production channels, the Company is expected to issue a $750.0 million collateralized mortgage obligation (CMO) in June 2002." Mr. Tomkinson further commented, "We believe that strong market fundamentals and the Company's innovative loan programs such as its new "interest only" loan program are driving loan volume which has resulted in accelerated growth of the Company. With total assets expected to reach $4.0 billion by the end of the second quarter of 2002, the Company believes it was prudent to raise additional liquidity. As a result, the Company entered into a sales agency agreement with UBS Warburg LLC to periodically sell up to 3,594,082 shares of its common stock which will enable the Company to continue to grow, allow for a more efficient basis to invest capital, at a much lower cost of capital, and with less initial dilution to current stockholders."
Additional financial information on the Company will be available by viewing the Company's unaudited monthly fact sheet on the Company's web site at www.impaccompanies.com . The monthly fact sheet is posted on or around the last day of the month following each month, with the April 2002 fact sheet to be released on Friday May 31, 2002. Interested parties may also sign up for automatic notification of the monthly fact sheet, conferences calls, press releases, etc. by visiting our web site. For additional information, questions or comments please call Tania Jernigan, VP of Investor Relations at (949) 475-3722 or email tjernigan@impaccompanies.com.
Impac Mortgage Holdings, Inc. is a Mortgage REIT, which operates three core businesses: (1) the Long-Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operation. The Long-Term Investment Operations invests primarily in non-conforming Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily non- conforming Alt-A mortgage loans, and the Warehouse Lending Operation provides short-term financing to mortgage loan originators. The Company is organized as a REIT for tax purposes, which allows it generally to pass through earnings to stockholders without federal income tax at the corporate level.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such as "may", "will", "intend", "expect", "anticipate", "estimate" or "continue" or the negatives thereof or other comparable terminology. The Company's actual results including the growth of total assets and loan production could differ materially from those anticipated in such forward-looking statements as a result of certain factors including, but not limited to economic conditions, product demand, competitive products and pricing, state and federal regulations and other risks as described under "Business Risk Factors" in our Form 10K filed for year end 2001 and other filings as filed with the Securities and Exchange Commission.
SOURCE Impac Mortgage Holdings, Inc.
CONTACT:
Tania Jernigan, VP of Investor Relations of Impac Mortgage
Holdings, Inc., +1-949-475-3722, tjernigan@impaccompanies.com
URL: http://www.impaccompanies.com
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