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02/11/11 6:12 PM

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Re: #2: @Soapy Bubbles - As of September 30, 2010, the registrant has

Eastern Light Capital's Shareholders Approve Preferred Stock Conversion
Date : 02/11/2011 @ 5:30PM
Source : MarketWire

Eastern Light Capital's Shareholders Approve Preferred Stock Conversion

Eastern Light Capital, Inc. ("ELC") (NYSE Amex: ELC), a real estate investment trust ("REIT"), announced that at today's Special Shareholder meeting, both the preferred shares and the common shares, voting separately as a class approved the resolution to convert each Series A Preferred Share into 1.25 common shares. Approval will result in the issuance of approximately 246,146 additional common shares. The shareholder proposal required approval of sixty six and two thirds percent of the outstanding preferred shares and a majority of the common shares. Approximately sixty eight and one half percent of the outstanding preferred shares and fifty four percent of the outstanding common shares ratified the proposal.

The Board of Directors has voted to immediately implement the preferred to common exchange. The conversion process should be finalized within a week. The exchange will increase the total outstanding common share balance to approximately 597,047. As of September 30, 2010 that produced a net book value of approximately $6.28 per common share. The Company expects to file Form 10-K for the 12 months ended December 31, 2010 on or about March 30, 2011.

About Eastern Light Capital

Prior to 2007, the Company originated and invested in non-conforming, high yielding residential loans. In 2007 new management was installed, the Company eliminated the origination and investment in mortgage loans and focused on repaying debt and monetizing its existing loans and foreclosed properties. The Company's future investment plans include retaining its REIT status and investing in existing, leased, commercial properties utilizing limited leverage. The conversion of preferred shares into common shares will simplify the capital structure and may allow the Company to raise additional equity to implement the new business model, restore profitability, utilize its net operating loss carry forward and reinstate a sustainable dividend. Alternative strategic plans are also being considered.

Forward-Looking Statements

This document contains "forward-looking statements" that inherently involve risks and uncertainties. ELC's actual results, operations and liquidity may differ materially from those anticipated in these forward-looking statements because of changes in the level and composition of ELC's investments and unseen factors. As discussed in ELC's filings with the Securities and Exchange Commission, these factors may include, but are not limited to, changes in general economic conditions, the availability of suitable investments, fluctuations in and market expectations of fluctuations in interest rates and levels of mortgage payments, deterioration in credit quality and ratings, the effectiveness of risk management strategies, the impact of leverage, the liquidity of secondary markets and credit markets, increases in costs and other general competitive factors.

Contact:

Eastern Light Capital, Incorporated, San Francisco

Richard Wrensen

Chief Executive Officer

(415) 693-9500

rwrensen@elcreit.com

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02/05/11 8:54 PM

Post #2

As of September 30, 2010, the registrant has approximately 351,482 shares of common stock outstanding. [2010 3Q 10Q Filing]

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02/05/11 8:29 PM

Post #1

http://www.otcmarkets.com/stock/ELC/company-info

Eastern Light Capital, Inc. (ELC)

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[ELC]

Eastern Light Capital

Eastern Light Capital, Incorporated (“ELC”) – formerly known as Capital Alliance Income Trust – is a publicly traded real estate investment trust (“REIT”) listed on the NYSE/Amex (formerly the American Stock Exchange) under the symbol ELC. The name change was a contractual requirement of the transition to self-management. Prior to January 2007, ELC was managed by an outside group. Commencing January 2007, ELC became self-administered and self-advised.

Eastern Light Capital, Incorporated, a real estate investment trust (REIT), operates as a specialty mortgage finance company in the United States. Its mortgage investment business invests in non-conforming residential mortgage loans. The company's mortgage banking business engages in the origination, purchase, and sale of conforming and non-conforming mortgage loans secured by first liens and junior liens on one-to-four single family residential properties. It originates loans from mortgage bankers, mortgage brokers, or existing borrower relationships. The company qualifies as a REIT for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Capital Alliance Income Trust, Ltd and changed its name to Eastern Light Capital, Incorporated in July 2008. Eastern Light Capital was founded in 1995 and is based in San Francisco, California

ELC’s management has suspended all loan origination to concentrate on non-performing loans and foreclosed real estate. During 2009, ELC will seek to diversify beyond one-to-four unit residential loans and will opportunistically seek other REIT compliant investments to enhance shareholder value. ELC’s 100% owned taxable subsidiary – WrenCap Funding Corporation, which formerly engaged in mortgage origination and secondary market sales – now trades exchange listed marketable securities.

The exchange will increase the total outstanding common share balance to approximately 597,047. As of September 30, 2010 that produced a net book value of approximately $6.28 per common share. [REF]