NEW YORK, Aug. 31 /PRNewswire-FirstCall/ -- Care
Investment Trust Inc. (NYSE: CRE) ("Care" or the "Company"), a
real estate investment and finance company that invests in
healthcare-related real estate and commercial mortgage debt, today
announced that it received a letter dated August 27, 2010, from the New York Stock Exchange
("NYSE") stating that the common stock of the Company was suspended
from the NYSE as of market close on August
26, 2010, and an application by the NYSE to the Securities
and Exchange Commission ("SEC") to delist the issue is pending
completion of applicable NYSE procedures, which includes the
Company's right to appeal the NYSE Staff's decision. The letter
also stated that the NYSE decision was made after having received
the final results on the completion of the Company's self tender
offer, which confirmed that fewer than 600,000 shares of the
Company's common stock remained publicly held.
The Company intends to appeal the NYSE Staff's decision and to
promptly take steps to cure the deficiency related to the minimum
number of publicly held shares. However, there can be no
assurance that it will be successful in doing so. The review
process by NYSE requires a minimum of 25 business days from receipt
of the Company's notice of appeal.
The actions being considered to address the deficiency related
to the minimum number of publicly held shares include the possible
declaration of a stock split to be effected in the form of a stock
dividend, subject to, among other things, the review and approval
of the Board of Directors of the Company. The Company will
update stockholders regarding this issue in a future press
release.
In order to facilitate trading in its stock during the pendency
of the NYSE appeal process, the Company intends to apply for
listing on the OTCQX listing platform. There can be no assurance
that such application will be granted by the OTCQX or that there
will continue to be an active trading market for the Company's
common stock. The Company will update stockholders of the
acceptance or denial of the OTCQX application through the issuance
of a future press release.
Prior to the completion of the OTCQX application process,
stockholders may trade the Company's stock through their brokers on
the OTCQB.
About Care Investment Trust
Care Investment Trust Inc. is a real estate investment and
finance company investing in healthcare-related real estate and
commercial mortgage debt.
Safe Harbor Statement
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
All forward-looking statements involve risks, uncertainties
and contingencies, many of which are beyond Care Investment Trust
Inc.'s control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. All statements contained in
this release that are not clearly historical in nature are
forward-looking, and the words "anticipate," "believe," "estimate,"
"expect," "plan," "target," and similar expressions are generally
intended to identify forward-looking statements. Economic,
business, funding market, competitive and/or regulatory factors,
among others, affecting Care Investment Trust Inc.'s businesses are
examples of factors that could cause actual results to differ
materially from those described in the forward-looking statements
in addition to those factors specified in Care Investment Trust
Inc.'s Annual Report on Form 10-K/A, as well as Care Investment
Trust Inc.'s Quarterly Reports on Form 10-Q. Care Investment
Trust Inc. is under no obligation to (and expressly disclaims any
such obligation to) update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
For more information on the Company, please visit the
Company's website at www.carereit.com
SOURCE Care Investment Trust Inc.
Copyright . 31 PR Newswire
