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Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. Enter into Definitive Agreement with Bombe Asset Management

·3 min read

LAS VEGAS, Jan. 14, 2021 /PRNewswire/ -- Vestin Realty Mortgage I, Inc. (OTC: VRTA) and Vestin Realty Mortgage II, Inc. (OTC: VRTB) announced today that, in combination with Michael V. Shustek and MVP Realty Advisors LLC, they have reached a definitive agreement wherein the collective parties will sell 1,549,324 shares of common stock of The Parking REIT at a price of $11.75 per share to Color Up LLC, a subsidiary of Bombe Asset Management LLC, which is a private equity firm that invests in real estate, transportation, infrastructure assets, and services.

In addition, the Vestin entities will contribute 175,000 common shares of The Parking REIT to settle three pending class action lawsuits brought against The Parking REIT and MVP Realty Advisors will surrender its claim to 400,000 shares of common stock due to it by The Parking REIT.

The completion of the transaction is expected to occur in the second quarter of the year and is subject to several closing conditions. Upon closing, Shustek will resign as a director and officer of The Parking REIT.

About Vestin Realty Mortgage I, Inc.

Vestin Realty Mortgage I, Inc., formerly Vestin Fund I, LLC, invests in loans secured by real estate through deeds of trust or mortgages and as defined in our management agreement as mortgage assets. In addition, we invest in, acquire, manage, or sell real property and acquire entities involved in the ownership or management of real property. We commenced operations in June 2001. Vestin Realty Mortgage I, Inc. is traded on the OTC pink sheets under the symbol "VRTA" and headquarted in Las Vegas, Nevada. For additional information regarding Vestin Realty Mortgage I, please visit www.vestinrealtymortgage1.com.

About Vestin Realty Mortgage II, Inc.

Vestin Realty Mortgage II, Inc., formerly Vestin Fund II, LLC, invests in loans secured by real estate through deeds of trust or mortgages and as defined in our management agreement as mortgage assets. In addition, we invest in, acquire, manage or sell real property and acquire entities involved in the ownership or management of real property. We commenced operations in June 2001. Vestin Realty Mortgage II, Inc. is traded on the OTC pink sheets under the symbol "VRTB," with headquarters located in Las Vegas, Nevada. For additional information regarding Vestin Realty Mortgage II, please visit www.vestinrealtymortgage2.com.

This press release contains statements about the future expectations, beliefs, goals, plans or prospects of the management of Vestin Realty Mortgage II, Inc. These statements are based on current expectations, estimates, forecasts and projections and management assumptions about Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. These statements constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "estimates," "anticipates," "targets," "goals," "projects," "intends," "plans, "seeks," and variations of such words and similar expressions are intended to identify such forward-looking statements which are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. have no obligation to update such forward-looking statements. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements.

Contacts

Julie Leber

Damon Elder

Spotlight Marketing Communications

Spotlight Marketing Communications

949.427.1391

949.427.1377

julie@spotlightmarcom.com

damon@spotlightmarcom.com

Cision
Cision

View original content:http://www.prnewswire.com/news-releases/vestin-realty-mortgage-i-inc-and-vestin-realty-mortgage-ii-inc-enter-into-definitive-agreement-with-bombe-asset-management-301208692.html

SOURCE Vestin Mortgage I, Inc. and Vestin Mortgage II, Inc.