ROCKY HILL, Conn., Sept. 24 /PRNewswire-FirstCall/ -- Realty Finance Corporation (Pink Sheets: RTYFZ) today announced that its 2010 annual meeting of stockholders has been cancelled due to receipt of an insufficient number of shares to be voted by proxy to constitute a quorum for the annual meeting, which requires a majority of the outstanding shares of its common stock eligible to vote. The annual meeting was originally scheduled for July 14, 2010 and was subsequently postponed until August 10, 2010 and again until September 28, 2010. The Company had engaged a proxy solicitor to assist in its solicitation of proxies that would constitute a quorum for the annual meeting. However, despite the efforts, as of today, the Company has received proxies for only 36.5% of the outstanding shares of its common stock eligible to vote at the annual meeting. Due to the lack of quorum, the Company's board of directors does not deem it advisable to continue the solicitation efforts at this time.
About Realty Finance Corporation
Realty Finance Corporation is a commercial real estate specialty finance company primarily focused on managing a diversified portfolio of commercial real estate-related loans and securities. For more information on the Company, please visit the Company's website at http://www.realtyfinancecorp.com/.
The Company's common stock is currently quoted on the Pink OTC Markets, or Pink Sheets. While not a requirement, the Pink Sheets encourages companies having their securities quoted thereon to provide adequate current information in accordance with its disclosure guidelines. The Company will evaluate the need to issue press releases containing information similar to such information disclosed herein. There is no assurance that the Company will provide timely periodic disclosures or at all.
The Company has elected to qualify to be taxed as a real estate investment trust, or REIT, for U. S. federal income tax purposes commencing with the taxable year ended December 31, 2005. As a REIT, the Company generally will not be subject to U. S. federal income tax on that portion of income that is distributed to stockholders if at least 90% of the its REIT taxable income is distributed to its stockholders. The Company conducts its operations so as to not be regulated as an investment company under the Investment Company Act of 1940, as amended, or the 1940 Act. The Company has not had any taxable income in 2008 and 2009 and does not expect to have any taxable income in the future.
Forward-Looking Information
This press release contains forward-looking statements based upon the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. The factors that could cause actual results to vary from the Company's forward-looking statements include: the Company's ability to continue to cover its operating cash shortfall; the risk factors included as part of the Company's Annual Report on Form 10-K for the period December 31, 2008 filed on March 16, 2009; the Company's future operating results; its business operations and prospects; general volatility of the securities market in which the Company invests and the market prices of its common stock; the effect of trading on the Pink Sheets; availability, terms and deployment of short-term and long-term capital; availability of qualified personnel; changes in the industry; interest rates; the debt securities, credit and capital markets, the general economy or the commercial finance and real estate markets specifically; performance and financial condition of borrowers and corporate customers; the status of the appeal of the class action lawsuit; any future litigation that may arise; the ultimate resolution of the Company's numerous defaulted loans; the state of the Company's joint venture investments; the ability to continue as a going concern; availability of liquidity; and other factors, which are beyond the Company's control. The Company undertakes no obligation to publicly update or revise any of the forward-looking statements. For further information, please refer to the Company's previous periodic filings with the Securities and Exchange Commission. However, the Company is no longer a Securities and Exchange Commission reporting company as of March 16, 2009 and therefore, such information is not current and circumstances have changed significantly since the date of such filings.
Realty Finance Corporation
CONTACT: Daniel Farr, Chief Financial Officer, Realty Finance
Corporation, +1-860-275-6234, dfarr@realtyfinancecorp.com
Web Site: http://www.realtyfinancecorp.com/
