Accredited Files 2006 Annual Report
02 Agosto 2007 - 5:27PM
Business Wire
Accredited Home Lenders Holding Co. (NASDAQ:LEND) (�Accredited� or
�Company�) today announced that it has filed the Company�s Form
10-K for the fiscal year ended December 31, 2006 (�Annual Report�)
with the Securities & Exchange Commission (�SEC�). Squar,
Milner, Peterson, Miranda & Williamson, LLP (�Squar Milner�)
issued the opinion on the 2006 consolidated financial statements
included in the Annual Report. As previously announced, Squar
Milner replaced Grant Thornton LLP as the Company�s independent
public accountants on April 9, 2007. The Annual Report describes
the Company�s financial condition, results of operations, and
liquidity position and plans, as well as the Company�s previously
announced merger agreement with an affiliate of Lone Star Fund V
(U.S.), L.P. (�Lone Star�). Squar Milner�s opinion on the 2006
consolidated financial statements included in the Annual Report
does not include a �going concern� qualification. Squar Milner�s
opinion does make reference to the pending merger with Lone Star
and notes that the ultimate outcome of the merger is not
determinable and that, if the merger is not consummated or if
market conditions deteriorate further, the Company�s financial and
operational viability is uncertain. The Company is proceeding as
planned to work toward closing the merger with Lone Star. The
merger agreement with Lone Star requires regulatory approvals from
states representing 95% of the Company�s 2006 loan production
volume in order to close the tender offer. It was anticipated from
the outset, and the tender offer materials reflect, that this
process would not be completed by the original tender offer
deadline, and that the tender offer would be extended. Under the
merger agreement, extensions of the tender offer cannot exceed 10
business days. The Company does not expect that the need to obtain
regulatory approvals will prevent the transaction from closing. On
July 30, 2007, the tender offer was extended until August 14, 2007,
and it may be extended again. While there is no guarantee that the
transaction will close, the Company expects the tender offer to be
concluded in the third quarter of 2007. The filing of the Annual
Report is part of the Company�s plan to regain compliance with the
NASDAQ�s filing requirements, as well as become current with all of
the Company�s filings required under SEC rules. The Company will
begin work immediately on its Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2007 and June 30, 2007. The Company
encourages all interested parties to read the Annual Report, which
may be accessed at Accredited�s website
(http://investors.accredhome.com) and which includes management�s
discussion and analysis of financial condition and results of
operations, including liquidity, recent developments and risk
factors, including risks related to the closing of the proposed
merger. About Accredited Accredited Home Lenders Holding Co. is a
mortgage company operating throughout the U.S. and in Canada.
Accredited originates, finances, securitizes, services, and sells
non-prime mortgage loans secured by residential real estate.
Founded in 1990, the company is headquartered in San Diego.
Additional information may be found at www.accredhome.com. About
Squar, Milner, Peterson, Miranda & Williamson, LLP Squar Milner
is a leading provider of accounting and financial advisory services
to clients across the United States. It was formed by the merger of
two highly respected firms in 2006. Founded in Orange County in
1981, Squar Milner merged with the well established San Diego firm
of Peterson & Co., LLP, founded in 1951. Squar Milner is an
independent member of BKR International, an association of 130
independent accounting firms with 300 offices in 66 countries that
are selected on the basis of reputation, clientele, performance and
professionalism. About Lone Star Funds Lone Star is a leading U.S.
private equity firm. Since 1995, the principals of Lone Star have
organized private equity funds totaling more than $13.3 billion to
invest globally in corporate secured and unsecured debt
instruments, real estate related assets and select corporate
opportunities. Additional information may be found at
www.lonestarfunds.com. Forward Looking Statements This release
contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934
relating to the Company�s continued listing on NASDAQ. These
forward-looking statements involve a number of risks and
uncertainties, including the Company�s ability to close the
proposed merger with Lone Star, file its quarterly report on Form
10-Q for the quarter ended March 31, 2007, make other required
filings with NASDAQ, the Securities and Exchange Commission and
other regulatory authorities, and other risk factors as outlined in
Accredited Home Lenders Holding Co.�s annual report on Form 10-K
for the year ended December 31, 2006, and other documents filed by
the Company with the Securities and Exchange Commission. These and
other factors could cause the Company�s actual results to differ
materially from what it projects or contemplates in its
forward-looking statements. The Company cautions readers that the
non-prime mortgage industry and the Company�s business are subject
to numerous significant risks and uncertainties.
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