Triad Guaranty Delays 10-K Filing
WINSTON-SALEM, N.C., March 17 /PRNewswire-FirstCall/ -- Triad Guaranty Inc. (NASDAQ:TGIC) reported today that it will delay filing its Annual Report on Form 10-K for the period ended December 31, 2007. The Company expects to file the Report by April 1, 2008, which is within the time period permitted under applicable SEC rules.
As previously disclosed in its Current Report on Form 8-K filed February 14, 2008, the Company has developed and is pursuing a plan to enhance its capital resources. The Company currently is actively engaged in negotiations with a third party investor group regarding a potential transaction related to its capital enhancement efforts. The Annual Report would require disclosures regarding the nature and implications of the negotiations. As they have not been finalized, Triad has delayed the filing of its Annual Report. Ken Jones, Senior Vice President and Chief Financial Officer said, "While we have completed our work on the Company's 2007 financial statements, these negotiations are at a critical juncture. Although we cannot provide any assurance that these negotiations will be successful, we believe that delaying the filing of our Form 10-K will best serve the interests of the Company at this stage in the process."
Triad Guaranty Inc.'s wholly owned subsidiary, Triad Guaranty Insurance Corporation, is a mortgage insurer providing credit enhancement solutions to its lender customers and the capital markets. This allows buyers to achieve homeownership sooner, facilitates the sale of mortgage loans in the secondary market and protects lenders from credit default-related expenses. For more information, please visit the company's web site at www.triadguaranty.com This document may contain forward-looking statements which involve various risks and uncertainties. Actual results may differ from any set forth in the forward-looking statements. Attention is directed to the discussion of risk and uncertainties as part of the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 contained in the Company's most recent annual report, Form 10-K and other reports filed with the Securities and Exchange Commission. FCMN Contact: jschwartz@tgic.com
CONTACT: Ken Jones, Senior Vice President and CFO of Triad Guaranty Web site: http://www.triadguaranty.com/
2008-03-17 18:07:27 0314406 PRNEWSWIRE
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