ECC to Deregister Stock; Cites Sarbanes-Oxley

ECC Capital Corp., a real estate investment trust based in Irvine, Calif., has announced that it plans to deregister its common stock because of the costs of compliance with the Sarbanes-Oxley Act and other reporting requirements.The REIT said it will file a Form 15 with the Securities and Exchange Commission to deregister the stock on or about July 30. ECC Capital is eligible to deregister because it has fewer than 300 common stockholders of record, the company said. "ECC Capital is deregistering because it believes that the incremental cost of compliance with the Sarbanes-Oxley Act of 2002 and other public company reporting requirements does not provide a discernible benefit to ECC Capital and is not in the best interest of its shareholders," the company said. The mortgage finance REIT can be found online at http://www.ecccapital.com.