EDISON, N.J., July 3 /PRNewswire-FirstCall/ -- Hanover Capital Mortgage
Holdings, Inc. (Amex: HCM) (the "Company" or "HCM") announced today that on
July 2, 2008 the Company received notice from the American Stock Exchange
("Amex") or ("Exchange") Staff indicating that, after reviewing the
Company's Plan previously submitted to the Exchange on May 8, 2008, the
Staff has determined that the Plan does not make a reasonable demonstration
of the Company's ability to comply with the Exchange's continued listing
standards set forth in Sections 1003(a)(i) and (iv) of the Amex Company
Guide due to (i) stockholder's equity of less than $2,000,000 and losses
from continuing operations and net losses in two out of its three most
recent fiscal years and (ii) the Company had sustained losses which are so
substantial in relation to its overall operations or its financial
condition had become so impaired that it appeared questionable, in the
opinion of the Exchange, as to whether the Company will be able to continue
operations and /or meet obligations as they mature. The notice from the
Exchange further provided that the Exchange intends to strike the common
stock of Hanover from the Exchange.
The Company intends to appeal the Exchange's decision within the time
frames specified by Section 12 of the Amex Company Guide, and to request a
hearing before a Listing Qualifications Panel of the Exchange. There can be
no assurance that the Company's request for continued listing will be
granted.
Hanover Capital Mortgage Holdings, Inc. is a mortgage REIT staffed by
seasoned mortgage capital markets professionals. HCM invests in prime
mortgage loans and mortgage securities backed by prime mortgage loans. For
further information, visit HCM's Web site at
http://www.hanovercapitalholdings.com.
Certain statements in this press release may constitute
"forward-looking" within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements that are not
historical fact are forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance or
achievements, to differ materially from future results, performance or
achievements. The forward-looking statements are based on HCM's current
belief, intentions and expectations. These statements are not guarantees or
indicative of future performance. Important assumptions and other important
factors that could cause actual results to differ materially from those
forward-looking statements include, but are not limited to, those factors,
risks and uncertainties that are described in Item 1A of HCM's Annual
Report on Form 10-K for the year ended December 31, 2007 and in other
securities filings by HCM. HCM's future financial condition and results of
operations, as well as any forward-looking statements, are subject to
change and inherent risks and uncertainties. The forward-looking statements
contained in this press release are made only as of the date hereof and HCM
undertakes no obligation to update or revise the information contained in
this announcement whether as a result of new information, subsequent events
or circumstances or otherwise, unless otherwise required by law.
For further information, contact:
Hanover Capital Mortgage Holdings, Inc.
John Burchett, CEO, Irma Tavares, COO, or Harold McElraft, CFO
732-593-1044
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