Ameritrans Capital Corporation Terminates New York City Office Lease
25 May 2010 - 6:53AM
Business Wire
Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today
announced that it had reached an agreement related to the
termination of the lease of its New York City office at 747 Third
Avenue, New York, NY. As a result of the termination, Ameritrans
will pay approximately $260,000 of termination fees and related
payments as well as the monthly payments under the lease for the
month of June.
Ameritrans is in preliminary discussions for new office space.
As previously indicated, the Company has also terminated its lease
for its Long Island City office. Both terminations are effective
June 30, 2010. Future leasehold operating expenses are anticipated
to be reduced as a result of the two lease terminations.
Michael Feinsod, Ameritrans’ Chief Executive Officer stated, "We
are pleased to have been able to expediently conclude our
negotiations in connection with exiting our New York City office
lease. We plan to quickly seek a suitable new office space that
reflects our more efficient operational structure and the continued
growth of our middle market lending. The shift in our portfolio,
coupled with our affiliation with an independent advisory firm,
should allow a continued reduction in general overhead expenses.
While a space has not yet been identified, we are confident we will
be able to secure suitable space on advantageous terms."
About Ameritrans
Ameritrans Capital Corporation is an internally managed,
closed-end investment company that has elected to be regulated as a
business development company (BDC) under the Investment Company Act
of 1940, as amended. Ameritrans originates, structures and manages
a portfolio of secured business loans and selected equity
securities. Ameritrans' wholly owned subsidiary Elk Associates
Funding Corporation was licensed by the United States Small
Business Administration as a Small Business Investment Company
(SBIC) in 1980.
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
presently anticipated or projected. Ameritrans Capital Corporation
cautions investors not to place undue reliance on forward-looking
statements, which speak only as to management's expectations on
this date.
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