Altisource Portfolio Solutions Comments on Agreement With Altisource Residential Corporation
30 Septiembre 2016 - 2:08PM
Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”)
(NASDAQ:ASPS) today commented on an Amendment and Waiver Agreement
entered into with Altisource Residential Corporation (“RESI”)
(NYSE:RESI) related to RESI’s acquisition of a portfolio of single
family rental assets from investment funds sponsored by Amherst
Holdings LLC.
“Today, RESI announced that it acquired a portfolio of single
family rental assets. As RESI stated, RESI was required to
retain the current property manager of the portfolio as a condition
of obtaining seller financing. In support of RESI’s
acquisition, Altisource agreed to provide a limited waiver of its
exclusive right to provide property management and other services
to RESI related to this portfolio. In exchange for the
limited waiver, RESI agreed to provide Altisource, among other
consideration, a $60 million payment in the event that RESI sells,
liquidates or otherwise disposes of 50% or more of its single
family rental portfolio managed by Altisource. The terms are
more fully described in the Amendment and Waiver Agreement which we
anticipate filing with the Securities and Exchange Commission on
Form 8-K on Monday, October 3, 2016.
We are very supportive of RESI’s portfolio acquisition as it
accelerates RESI’s transition to a 100% single family rental
company. We believe this acquisition strengthens RESI’s
position in the industry and positions them well for growth, which
are positive for Altisource. We believe the terms we agreed to
with RESI further underscore RESI’s long-term commitment to the
rental home business and our strong ongoing relationship with
RESI.”
Forward-Looking Statements
This press release contains forward-looking
statements that involve a number of risks and uncertainties.
These forward-looking statements include all statements that are
not historical fact, including statements about management’s
beliefs and expectations. These statements may be identified
by words such as “anticipate,” “intend,” “expect,” “may,” “could,”
“should,” “would,” “plan,” “estimate,” “seek,” “believe,”
“potential” and similar expressions. Forward-looking
statements are based on management’s beliefs as well as assumptions
made by and information currently available to management.
Because such statements are based on expectations as to the future
and are not statements of historical fact, actual results may
differ materially from what is contemplated by the forward-looking
statements. Altisource undertakes no obligation to update any
forward-looking statements whether as a result of new information,
future events or otherwise. The risks and uncertainties to
which forward-looking statements are subject include, but are not
limited to, Altisource’s ability to integrate acquired businesses,
retain key executives or employees, retain existing customers and
attract new customers, general economic and market conditions,
behavior of customers, suppliers and/or competitors, technological
developments, governmental regulations, taxes and policies,
availability of adequate and timely sources of liquidity and other
risks and uncertainties detailed in the “Forward-Looking
Statements,” “Risk Factors” and other sections of Altisource’s Form
10-K and other filings with the Securities and Exchange
Commission.
About
Altisource®
Altisource Portfolio Solutions S.A.
(NASDAQ:ASPS) is a premier marketplace and transaction solutions
provider for the real estate, mortgage and consumer-debt
industries. Altisource’s proprietary business processes, vendor and
electronic payment management software and behavioral science-based
analytics improve outcomes for marketplace participants. Additional
information is available at altisource.com.
Investor Contact:
Michelle D. Esterman
Chief Financial Officer
+352 2469 7950
Michelle.Esterman@Altisource.lu
Press Contact:
Nicole L. Messier
Vice President, Corporate Communications
617-357-6349
Nicole.Messier@Altisource.com
Kelly Strategic (NYSE:RESI)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Kelly Strategic (NYSE:RESI)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024