LA JOLLA, Calif., April 7, 2014 /PRNewswire/ -- Reven Housing
REIT, Inc. ("Reven" or the "Company") (OTC QB: RVEN) today
announced that it has completed the statutory conversion of the
Company to a Maryland corporation
from a Colorado corporation under
the respective laws of Colorado
and Maryland effective on
April 1, 2014. Following the
Maryland conversion, the Company's
business, management, fiscal year, assets and liabilities will
continue to be the same as immediately before the Maryland conversion.
Chad M. Carpenter, chairman and
chief executive officer of Reven, commented, "Reven continues to
execute on our business plan, and becoming a Maryland corporation is a significant step
towards better positioning us to qualify and operate as a
REIT. Our board of directors believes that Maryland's more comprehensive laws governing
REITs, Maryland's policies with
respect to REITs and the established body of relevant case law are
more conducive to the operations of a REIT than the laws and
policies of Colorado and they
provide the directors and management of a REIT with greater
certainty and predictability in managing the affairs of the
company."
Additional information regarding the Maryland conversion can be found in the
Company's definitive information statement filed with the
Securities and Exchange Commission on March
10, 2014.
About Reven Housing REIT, Inc.
Reven Housing REIT is
engaged in the acquisition, ownership and operation of portfolios
of leased single-family homes in the
United States. Reven operates its portfolio properties as
single-family rentals, or SFRs, and it generates most of its
revenue from rental income of the existing tenants of the SFRs that
Reven has acquired. Reven's business plan involves acquiring
portfolios of rented houses from investors who have bought them
low, fixed and rented them; and generating current income from
profits from rentals and appreciation of houses. Reven
intends to take all necessary steps to qualify as a real estate
investment trust ("REIT") under the Internal Revenue Code, as
amended. However, no assurance can be given that it will
qualify or remain qualified as a REIT.
Forward Looking Statement
This press release
contains forward-looking statements that relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events and similar expressions. Forward-looking statements
may be identified by use of words such as "may," "will," "should,"
"expects," "intends," "plans," "anticipates," "believes,"
"estimates," or "potential" or similar words or phrases which are
predictions of or indicate future events or trends.
Statements such as those concerning potential acquisition activity,
investment objectives, strategies, opportunities, other plans and
objectives for future operations or economic performance are based
on the Company's current expectations, plans, estimates,
assumptions and beliefs that involve numerous risks and
uncertainties. Any of these statements could prove to be
inaccurate and actual events or investments and results of
operations could differ materially from those expressed or implied,
including the ability of the Company to qualify and operate as a
REIT. To the extent that the Company's assumptions differ
from actual results, the Company's ability to meet such
forward-looking statements, including its ability to invest in a
diversified portfolio of quality real estate investments and to
qualify and operate as a REIT, may be significantly and negatively
impacted. You are cautioned not to place undue reliance on
any forward-looking statements and the Company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, future events or other changes. Please refer
to Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission on for the year ended December 31, 2013 filed with the SEC on
March 25, 2014, and subsequently
filed SEC reports, for further information.
www.revenhousingreit.com
SOURCE Reven Housing REIT, Inc.