2008-06-26 23:58:09 -
- Municipal Mortgage & Equity, LLC (OTC: MMAB) ("MuniMae" or "the Company,") announced today that it is considering strategic alternatives to enhance shareholder value, including but not limited to the raising of capital through the sale or recapitalization of business units and additional asset sales. The Company has been working with Lazard Ltd. on this process.
In making the announcement, MuniMae stated that there is no assurance that the exploration of strategic alternatives will result in any transaction. The Company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a specific transaction.
About MuniMae
MuniMae and its subsidiaries arrange debt and equity financing
for developers and owners of real estate and clean energy projects. The Company also provides investment management and advisory services for institutional investors. Assets under management exceed $20 billion including investments in approximately 3,000 multifamily properties, containing more than 323,000 units in 49 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
MuniMae is organized as a limited liability company, which allows it to combine the limited liability, governance and management characteristics of a corporation with the pass-through features of a partnership. As a result, the tax-exempt income derived from certain investments remains tax-exempt when passed through to shareholders. MuniMae also conducts activities through wholly owned taxable corporate subsidiaries. Distributions to shareholders are normally declared quarterly.
Statements in this press release or on MuniMae's website that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward looking statements include such matters as whether and when a transaction might occur. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained. The Company undertakes no obligation to revise or update publicly any forward-looking statements contained herein for any reason. Factors that could cause actual results to differ materially from the Company's expectations include completion of the audit of our financial statements, completion of pending investments, continued ability to originate new investments, the mix of business between tax-exempt and taxable activities, the availability and cost of capital for future investments, competition within the finance and real estate industries, economic conditions, loss experience and other risks detailed from time to time in the Company's SEC reports. This press release does not constitute an offer to sell any securities of the Company or any other entity. MUNIMAE: INTEGRITY. INNOVATION. SERVICE. www.MuniMae.com
MuniMae
Jessica C. Schott, 888-788-3863
Investor Relations Coordinator
