REIT Cites Amex Warning

Capital Alliance Income Trust Ltd., a real estate investment trust based in San Francisco, has reported receiving notification from the American Stock Exchange that it is not in compliance with requirements regarding the composition of its board of directors.The warning letter from Amex gives the REIT until Sept. 11 to comply with the requirement that its board have a majority of independent directors, the company said. CAIT said it went out of compliance with the requirement when one of its independent directors resigned on June 21. The REIT said it expects to announce the appointment of another independent director by the deadline. The company can be found on the Web at http://www.calliance.com.