Filed by American Home Mortgage Holdings, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant Rule 14a-12 of the Securities Exchange Act of 1934
Subject Company: Apex Mortgage Capital, Inc.
Commission File No: 001-13637
[AHMH Logo]
FOR IMMEDIATE RELEASE
American Home Mortgage Hires Account Executives And
Production Staff Formerly Employed By
Capitol Commerce Mortgage
- Significantly Expands Wholesale Operation -
MELVILLE, NY (September 10, 2003) - American Home Mortgage, Inc. (NASDAQ: AHMH),
today announced it has hired approximately 325 employees that formerly worked at
Capitol Commerce Mortgage of Sacramento, California. The newly hired staff all
of who are dedicated to wholesale, or mortgage broker originations, includes
thirteen production center managers.
The new employees, who were displaced when Capitol Commerce ceased operations in
late August 2003, considered several lenders before deciding as a group to join
American Home. The new employees will become the Western region of American
Home's wholesale channel, which conducts business and trades as American Brokers
Conduit. They will operate from fifteen branches, primarily in California and
other Western states.
As a wholesale operation, the newly hired staff is expected to significantly add
to American Home's 2004 loan production, but at lower gross and net margins than
American Home's retail loan production businesses. In connection with the newly
hired staff, American Home is appointing Al Crisanty, Senior Vice President,
Wholesale Originations. Mr. Crisanty formerly managed sales for the hired group
and will report to Donald Henig, Executive Vice President, Alternative Channels
Division, at American Home.
Michael Strauss, Chairman and Chief Executive of American Home commented on the
new hires: "The new group consists of some of the most successful and capable
sales and operations management in the wholesale mortgage origination business.
American Home is fortunate to be able to welcome these skilled professionals
onto our team. The group will enable our company to significantly increase our
wholesale originations and realize our goal of supplementing our strong retail
channel with an equally strong wholesale operation. This will allow us to spread
our core costs over a greater loan volume, and consequently, the new group is
projected to keep us on the right side of operating leverage even as U.S. loan
production contracts." Mr. Strauss concluded, "I would also like to welcome Al
Crisanty to American Home and commend him for keeping the group together even as
they were left without work on short notice when their previous employer ceased
operations."
ABOUT AMERICAN HOME MORTGAGE
American Home Mortgage Holdings, Inc. is an originator and servicer of
residential mortgage loans. It operates 211 loan production offices located in
37 states, MortgageSelect, a leading online mortgage lender, three mortgage
broker support centers and a loan servicing center. For additional information,
please visit the Company's Web site at WWW.AMERICANHM.COM.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement in this
release that is not a statement of historical fact, including, but not limited
to earnings guidance and forecasts, and projections of financial results, may be
deemed to be a forward-looking statement. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause the Company's actual results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Specific factors that might cause such a difference
include, but are not limited to: the potential fluctuations in the Company's
operating results; the Company's potential need for additional capital, the
direction of interest rates and their subsequent effect on the Company's
business, federal and state regulation of mortgage banking; the Company's
competition; the Company's ability to attract and retain skilled personnel; and
those risks and uncertainties discussed in filings made by the Company with the
Securities and Exchange Commission, including those risks and uncertainties
contained under the heading "Risk Factors" in the Company's Registration
Statement on Form S-3 as filed with the Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking statements, whether
as a result of new information, future events or otherwise.
AMERICAN HOME MORTGAGE CONTACT:
Ogilvy Public Relations Worldwide
John D. Lovallo
212-880-5216
JOHN.LOVALLO@OGILVYPR.COM
Proxy Information
American Home Mortgage Holdings, Inc. ("American Home"), American Home Mortgage
Investment Corp. ("AHM Investment Corp."), and Apex Mortgage Capital, Inc.
("Apex") have filed a preliminary joint proxy statement/prospectus with the
Securities and Exchange Commission (the "SEC"). In addition, American Home, AHM
Investment Corp. and Apex will prepare and file a definitive joint proxy
statement/prospectus with the SEC. Investors are urged to carefully read the
definitive joint proxy statement/prospectus when it becomes available and any
other relevant documents regarding the proposed transactions filed with the SEC
because they will contain important information. You will be able to obtain the
documents free of charge at the website maintained by the SEC at www.sec.gov. In
addition, you may obtain documents filed with the SEC by American Home free of
charge by requesting them in writing from American Home Mortgage Holdings, Inc.,
520 Broadhollow Road, Melville, NY 11747, Attention: Alan B. Horn, or by
telephone at (516) 949-3900. You may obtain documents filed with the SEC by Apex
free of charge by requesting them in writing from Apex Mortgage Capital, Inc.,
865 South Figueroa Street, Los Angeles, California 90017, Attention: Investor
Relations, or by telephone at (213) 244-0000.
Participants in Solicitation
American Home, AHM Investment Corp. and Apex, and their respective directors and
executive officers and other members of their management and employees, may be
deemed to be participants in the solicitation of proxies from the stockholders
of American Home and Apex in connection with the merger. Information about the
directors and executive officers of American Home and their ownership of
American Home shares is set forth in the proxy statement for American Home's
2003 annual meeting of stockholders. Information about the directors and
executive officers of Apex and their ownership of Apex stock is set forth in the
proxy statement for Apex's 2003 annual meeting of stockholders. Additional
information regarding the interests of such participants is set forth in the
preliminary joint proxy statement/prospectus and will be set forth in the
definitive joint proxy statement/prospectus when it is filed with the SEC.