Sunset Financial Engages Banc of America Securities LLC as Financial Advisor
28 Ottobre 2005 - 7:32PM
PR Newswire (US)
JACKSONVILLE, Fla., Oct. 28 /PRNewswire-FirstCall/ -- Sunset
Financial Resources, Inc. (NYSE:SFO), today announced that a
Special Committee of the Board of Directors, comprised of
independent directors, has hired Banc of America Securities LLC to
perform a review of the Company's business plan and to advise the
Special Committee regarding exploring other alternatives to
maximize shareholder value. During recent months, the Company has
made significant additions to the senior management team, including
the appointment of George Deehan as Chief Executive Officer and
Stacy Riffe as Chief Financial Officer. The Board has also added
two independent directors, Charles Wolcott and Charles Van Sickle,
bringing the number of independent directors of the board to five.
George Deehan, President and Chief Executive Officer of Sunset
stated, "Our Board of Directors and management are strongly
committed to acting in the best interests of all of our
shareholders. Over the past several months, we have given much
thought to the prospects for our business and the options available
to us to create value. We have also spent considerable time
listening to our shareholders, and with the new management team
firmly in place and the newly constituted board, now is an
opportune time to analyze the Company's business plan and all
strategic alternatives available to the Company." Sunset cautioned
that no decision had been made to pursue any strategic alternative
and there could be no assurance that the exploration of strategic
alternatives would result in any definitive agreement or
transaction. About Sunset Financial Resources Sunset Financial
Resources, Inc. is a self-managed real estate investment trust
(REIT) that went public on March 17, 2004. Sunset Financial
Resources seeks to deliver attractive dividend income and steady
growth to its shareholders through the acquisition and management
of a portfolio of high quality residential mortgage loans and well
secured commercial mortgage bridge loans in the United States.
Certain statements in this news release may constitute
"forward-looking statements" within the meaning of the federal
securities laws and involve risks, uncertainties and other factors,
which may cause the actual performance of Sunset Financial
Resources, Inc. to be materially different from the performance
expressed or implied by such statements. These risks include the
failure of the Company to successfully execute its business plan,
gain access to additional financing, the availability of additional
loan portfolios for future acquisition, continued qualification as
a REIT, the cost of capital, as well as the additional risks and
uncertainties detailed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission. DATASOURCE: Sunset Financial Resources, Inc. CONTACT:
George Deehan, President, Chief Operating Officer, Sunset Financial
Resources, +1-904-425-4353, ; Investors: Jeffrey Goldberger,
+1-212-896-1249, , or Michael Cimini, +1-212-896-1233, , both of
KCSA Worldwide for Sunset Financial Resources
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