Asset Capital Corporation, Inc. Files Pre-Effective Amendment to Initial
Public Offering Registration Statement
BETHESDA, Md., April 12 -- Asset Capital Corporation, Inc.
today announced that it has filed a pre-effective amendment to its
registration statement on Form S-11 for the initial public offering of its
common stock. A portion of the shares of common stock will be issued and
sold by the Company and a portion will be sold by certain of the Company's
current stockholders. Friedman, Billings, Ramsey & Co., Inc. will act as
sole book-running manager for the offering.
The Company anticipates completing the offering by the end of the
second quarter of 2006. The Company expects to use the net proceeds from
this offering to repay outstanding mortgage debt, fund renovations and
development of certain of its currently owned properties, and for general
corporate and working capital purposes, including possible future
acquisitions.
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of such common
shares in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state. The offering of these securities will be made only by
means of a prospectus, copies of which, when available, may be obtained
from Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street North,
Arlington, Virginia, 22209.
About Asset Capital Corporation, Inc.
Asset Capital Corporation, Inc. is a self-managed fully-integrated real
estate company focused on opportunistically acquiring, redeveloping,
financing, managing and disposing of commercial real estate properties
located primarily in the greater metropolitan Washington, D.C. marketplace
and its surrounding areas. The Company invests primarily in commercial real
estate properties that we believe have the potential for a significant
increase in operating cash flow from the Company's hands-on management,
leasing, engineering and capital improvement programs. The Company also
originates, acquires and invests in various types of structured real estate
investments. The Company focuses its investment activity in its target
market, which consists of the geographic region including Washington, D.C.,
bounded by Baltimore, Maryland in the north, Richmond, Virginia in the
southwest and the Hampton Roads, Virginia metropolitan statistical area in
the southeast. From time to time, the Company may also invest
opportunistically in certain strategic geographic locations outside its
target market that generally share the economic and demographic profiles of
its target market. The Company has investments totaling $195.8 million,
including thirteen commercial real estate properties, one developed land
parcel, minority equity investments in two real estate joint ventures and
one mezzanine loan.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of
the safe harbor provisions under the Private Securities Litigation Reform
Act of 1995 that relate to future events or performance. These statements
relate to investments the Company's expects to make. These statements
reflect the Company's current expectations and judgments, and the Company
does not undertake to update or revise these forward-looking statements,
even if experience or future changes make it clear that any projected
results expressed or implied in this or other Company statements will not
be realized. Furthermore, readers are cautioned that these statements
involve risks and uncertainties, many of which are beyond the Company's
control, which could cause actual results to differ materially from the
forward-looking statements. These risks and uncertainties include, but are
not limited to, changes in interest rates, conditions in the real estate
industry, the state of the general economy and the local economies in which
our properties and properties the Company expects to acquire are located.
