Bimini (NYSE:BMM)
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Bimini Mortgage Management, Inc. (NYSE:BMM), a real
estate investment trust (REIT) that invests in residential
mortgage-related securities and originates loans through its taxable
REIT subsidiary, Opteum Financial Services, today announced that the
Company's Board of Directors voted unanimously to change its name to
Opteum Inc. Effective Friday, February 10, 2006, Opteum Inc. will
begin trading on the New York Stock Exchange as "OPX." No changes are
planned for the corporate structure.
"This name change leverages Opteum's current brand identity and
further enhances the seamless integration of our two companies," said
Jeffrey J. Zimmer, Chairman, Chief Executive Officer and President of
Opteum Inc. "Our branding effort now represents a unified image on all
fronts with investors, customers and associates as we work toward our
corporate mission of providing superior returns to our shareholders."
Peter R. Norden, Chief Executive Officer of Opteum Financial
Services, added that "this change reaffirms our brand position to be a
company that is guided by integrity and strives to exceed our
customers' and investors' expectations. When we re-branded our company
as Opteum in 2003, we knew that we were creating a brand that would
represent our company for the long-term."
About Opteum Inc.
Opteum Inc. operates an integrated investment and mortgage
origination platform. The Company's portfolio investments are
primarily in, but not limited to, residential mortgage-related
securities issued by the Federal National Mortgage Association (Fannie
Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the
Government National Mortgage Association (Ginnie Mae). The Company
earns returns on the spread between the yield on its mortgage related
assets and its costs, including the interest expense on the funds it
borrows. The Company has elected to be taxed as a REIT under the
Internal Revenue Code, which means the Company is not required to pay
federal income taxes on the REIT taxable earnings which are currently
distributed to its shareholders. The Company operates a mortgage
origination platform through its taxable REIT subsidiary, Opteum
Financial Services which offers a wide array of mortgage products
through its 29 retail mortgage origination branches and five wholesale
mortgage offices in the United States. The Company's website is
located at www.opteum.com.
This news release contains forward-looking statements made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The reader is cautioned that such
forward-looking statements are based on information available at the
time and on management's good faith belief with respect to future
events, and are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the statements. Important factors that could cause such
differences are described in the Company's periodic filings with the
Securities and Exchange Commission. The Company assumes no obligation
to update forward-looking information to reflect actual results,
changes in assumptions or changes in other factors affecting
forward-looking information.