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Bimini Capital Management Announces Board and Management Changes

^{Published on 2008-12-18 15:16:35 - Market Wire}
 

VERO BEACH, Fla.--([ BUSINESS WIRE ])--Bimini Capital Management, Inc. (OTCBB: BMNM) ("Bimini Capital" or the "Company"), a real estate investment trust ("REIT"), today announced that W. Christopher Mortenson has resigned from the Company's Board of Directors (the "Board"). As a result of Mr. Mortenson's resignation, the Company's Board is presently comprised of two directors, one of whom is an independent director. Mr. Robert E. Cauley has been appointed Chairman of the Board effective December 18, 2008, and continues to serve as Chief Executive Officer of the Company. Mr. Robert J. Dwyer has been appointed as Chair of the Board's Compensation Committee effective December 18, 2008, and continues to serve as Chair of the Board's Audit Committee and Corporate Governance and Nominating Committee.

Commenting on Mr. Mortenson's resignation, Mr. Cauley said, "We sincerely appreciate Chris Mortenson's steadfast support and steadying influence during these unprecedented times. Chris has worked diligently on behalf of Bimini since joining the Board in 2004 and we thank him for his tireless efforts on behalf of Bimini and his valuable contributions to our Board."

Also, on December 18, 2008, the Board appointed Mr. G. Hunter Haas, IV as President, Chief Investment Officer, Chief Financial Officer and Treasurer. Previously, Mr. Haas served as Executive Vice President, Chief Investment Officer, Interim Chief Financial Officer and Treasurer.

About Bimini Capital Management

Bimini Capital Management, Inc. is a REIT that invests primarily in, but is not limited to, residential mortgage-related securities issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae). Its objective is to earn returns on the spread between the yield on its assets and its costs, including the interest expense on the funds it borrows.

Statements herein relating to matters that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned that such forward-looking statements are based on information available at the time and on management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in such forward-looking statements. Important factors that could cause such differences are described in Bimini Capital Management, Inc.'s filings with the Securities and Exchange Commission, including Bimini Capital Management, Inc.'s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q.Bimini Capital Management, Inc. assumes no obligation to update forward-looking statements to reflect subsequent results, changes in assumptions or changes in other factors affecting forward-looking statements.