CENTERLINE HOLDING COMPANY EXTENDS DISCUSSIONS WITH ISLAND CAPITAL GROUP
LLC ON RECAPITALIZATION OF CENTERLINE CAPITAL GROUP
NEW YORK--(BUSINESS WIRE)--Sep. 18, 2009--
Centerline Holding Company (the “Company”) (OTC: CLNH), the parent
company of Centerline Capital Group (“Centerline”), a provider of real
estate financial and asset management services, today announced that the
Company is continuing discussions with Island Capital Group LLC
(“Island”), and others, to accomplish a recapitalization of Centerline.
The Company entered into an authorization agreement (the “Authorization
Agreement”) with Island as previously disclosed in the Company’s Current
Report on the Form 8-K filed on July 6, 2009. Since a deadline date
identified in the Authorization Agreement has passed, the Company is
advising its shareholders of its continuing discussions with Island
under the Authorization Agreement. It is the Company’s policy not to
discuss negotiations regarding potential transactions until its board of
trustees has approved final documentation for a transaction and that
documentation has been executed.
About Centerline Capital Group
Centerline Capital Group, a subsidiary of Centerline Holding Company
(OTC: CLNH), provides real estate financial and asset management
services, including institutional debt and equity fund management,
mortgage banking and primary and special loan servicing. As of June 30,
2009, Centerline had $13.6 billion of assets under management.
Centerline is headquartered in New York, New York and has eight offices
throughout the United States. For more information, please visit
Centerline's website at http://www.centerline.com
or contact Investor Relations department at 800. 831. 4826.
Certain statements in this document may constitute forward-looking
statements within the meaning of the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations and beliefs and are subject
to a number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Other risks and uncertainties are detailed in Centerline
Holding Company's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, and include, among others, business
limitations caused by adverse changes in real estate and credit markets
and general economic and business conditions; risks related to the form
and structure of our financing arrangements; our ability to generate new
income sources, raise capital for investment funds and maintain business
relationships with providers and users of capital; changes in applicable
laws and regulations; our tax treatment, the tax treatment of our
subsidiaries and the tax treatment of our investments; competition with
other companies; risk of loss from direct and indirect investments in
commercial mortgage-backed securities ("CMBS") and collateralized debt
obligations ("CDOs") and mortgage revenue bonds; risk of loss under
mortgage banking loss sharing agreements; risks associated with
providing credit intermediation; and risks associated with enforcement
by our creditors of any rights or remedies which they may possess. Words
such as "anticipates", "expects", "intends", "plans", "believes",
"seeks", "estimates" and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements speak only
as of the date of this document. Centerline Holding Company expressly
disclaims any obligation or undertaking to release publicly any updates
or revisions to any forward-looking statements contained herein to
reflect any change in Centerline Holding Company's expectations with
regard thereto or change in events, conditions, or circumstances on
which any such statement is based.
Source: Centerline Holding Company
Centerline Capital Group
Elizabeth Haukaas, 212-521-6453
