GREAT NECK, N.Y., March 13, 2023 (GLOBE NEWSWIRE) — Assaf Ran, Chairman of the Board and CEO, stated, “2022 was a good year for Manhattan Bridge Capital. We had a new net earnings record of over $5.2 million, and despite the uncertainty in the real estate market, we avoided losses and collection difficulties. However, the dramatic increase in our interest expense caused by a significant rate increase on our line of credit is a burden on our income from operations. Therefore, we believe that in order to preserve the company’s capital, and to increase shareholder value, a dividend of $0.1125 per share is what the company should pay for the first quarter of 2023. As the biggest shareholder of the company and a personal guarantor on the company’s line of credit, I moved and supported this decision,” added Mr. Ran.
Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that, in accordance with the board approved dividend declared on March 13, 2023, a cash dividend of $0.1125 per share will be paid to all shareholders of record on April 10, 2023. The dividend will be paid on April 17, 2023.
Forward Looking Statements
This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company states its belief that the rate of the dividend is needed in order to preserve capital and to increase shareholder value, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) an increase in interest rates may impact our profitability; (v) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (vi) we may be subject to “lender liability” claims; (vii) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (viii) borrower concentration could lead to significant losses and (ix) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE: Manhattan Bridge Capital, Inc.