a
60 Cutter Mill Rd.
Suite 205
Great Neck, NY
11021
Tel: 516.444.3400
Fax: 516.444.3404

 

Press Releases

Contacts:
Contact:
Assaf Ran, CEO
(212) 489-6800
SOURCE: Manhattan Bridge Capital, Inc.

 

Manhattan Bridge Capital, Inc.  Announces an Increase in the Amount of Cash to its Lending Operations

NEW YORK, June 24, 2009 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN - news) announced today that the company’s board of directors authorized management to increase the cash limit allocated to the lending business from $7 million to $14 million.
 “As we continue to maintain our growth pattern and conservative approach which allows us to increase our earnings consecutively while avoiding defaults and other problematic situations related to our loans portfolio, we asked our board of directors to authorize management to increase the amount of money available to our lending operations. Gratefully the board approved our request and we are now set to move on to the next stage of growth. We are working to arrange lines of credit in order to make additional funds available for the company’s use.” stated Assaf Ran, Chairman of the Board and CEO.

 

Manhattan Bridge Capital, Inc., provides short term, secured, non–banking, commercial loans to small businesses. In addition we developed innovative software and a related web site that allows retail businesses and other service providers to reach prospective customers and clients for their goods and services in a more effective way than traditional on-line and print yellow pages searches. We operate several web sites including: http://www.manhattanbridgecapital.com. and  http://www.nextyellow.com.

This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Forward-looking statements are typically identified by the words “believe,” “expect,” “intend,” “estimate” and similar expressions.  Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies.  These 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 (such factors are referred to herein as “Cautionary Statements”), including but not limited to the following: (i)  the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth.  The accompanying information contained in this report, including the information set forth under “Management’s Discussion and Analysis or Plan of Operation”, identifies important factors that could cause such differences.  These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements.  We undertake no obligation to update or revise any forward-looking statements.  All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
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