DALLAS, TX -- Mortgage Assistance Center Corporation (BULLETIN BOARD: MTGC) (the "Company"), which acquires, manages and resells non-performing mortgages and distressed real estate properties, today announced that it, together with two California partners, has closed on the purchase of a 69,552 square-foot office building on 5.34 acres (999 Metro Media Place) immediately south of Stemmons Expressway and approximately 5 miles northwest of downtown Dallas, Texas.
999 Metro Media Place was renovated and updated in 1995 to house an advertising agency and later a technology services company. Contemporary renovations were completed for interior office space, common areas, three glass-walled conference rooms, 2,500 square foot, 22 foot high video / sound stage, blue screen stage, two complete kitchens, 1,500 square foot theatre seating 78, elevator, fire sprinkler system, new wiring and HVAC, plumbing, storage and warehouse space, docks and other amenities. The parking lot accommodates 197 cars, with the majority of the area inside a security fence with remote-controlled gate. There are concrete pad and open grass areas suitable for additional office, stage or warehouse space. Numerous loading doors and paved loading areas provide multi-use capabilities for the property.
"The building, which was acquired out of bank foreclosure, is in superior condition in an excellent location in an industrial park near downtown Dallas," commented Dale Hensel, Chief Executive Officer of Mortgage Assistance Center Corporation. "The two-story brick building was financed by Legacy Bank of Texas. Tenants can take full advantage of the two state-of-the-art video production facilities, offices, conference rooms and theatre."
"The new property affords MAC the opportunity to bring greatly increased value to a property purchased out of foreclosure, which is our core business model," remarked Dan Barnett, Chief Operating Officer of the Company. "Increasing the value of this property is an excellent example of our business model at work."
"We look forward to developing the value of the property by attracting tenants who need flexible space and by attracting tenants from the audio and video production industries", added Michelle Taylor, Senior Vice President of Corporate development. "The property includes 20,000 unimproved square feet of storage under roof that can be expansion areas for offices or warehouse, increasing the value of the building."
About Mortgage Assistance Center Corporation
Mortgage Assistance Center Corporation is a real estate-oriented financial services company that acquires, manages and resells non-performing secured real estate mortgages and distressed real estate assets. The Company has a unique proprietary business model wherein non-performing notes are restored to a "re-performing" or "performing" status, and/or cash is traded for keys and title to the property. The Company has the ability to foreclose, rehabilitate or sell the mortgages and properties in its portfolio in the normal course of its business activities.
The Company is headquartered in Dallas, Texas, and its common stock trades on the OTC Bulletin Board under the symbol "MTGC". Additional information on the Company is available on its website at http://www.mac-tx.com/.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's
filings with the Securities and Exchange Commission.
For further information, or for leasing information, please contact:
Michelle Taylor, Senior Vice President, Corporate development,
at (214) 670-0005
or via e-mail at www.michelle.taylor@mac-tx.com
Source: Mortgage Assistance Center Corporation
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| Notes:
CONTACT: Michelle Taylor, Senior Vice President, Corporate Development
of Mortgage Assistance Center Corporation, +1-214-670-0005,
www.michelle.taylor@mac-tx.com
Web site: http://www.mac-tx.com/
About This Release
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