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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Presidential Realty Corp (CE) | USOTC:PDNLA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.031 | 0.00 | 01:00:00 |
WHITE PLAINS, N.Y., Nov. 8, 2011 /PRNewswire/ -- PRESIDENTIAL REALTY CORPORATION (OTCQB: PDNLA) (OTCQB: PDNLB). Jeffrey Joseph, President and Chief Executive Officer of Presidential Realty Corporation, a real estate investment trust that currently trades in the over-the-counter market (the "Company"), announced today that the Company had terminated its Plan of Liquidation and completed a strategic transaction (the "Transaction") with Signature Community Investment Group LLC, its founder, Nickolas W. Jekogian, III, and persons introduced to the Company by Mr. Jekogian. The purpose of the Transaction is to permit the Company to continue its operations under a new management team and afford the Company an opportunity for growth. The principal features of the Transaction are as follows:
Mr. Joseph said that the Board of Directors was pleased to welcome Mr. Jekogian, Mr. Ludwig and Mr. Rogers as members of the Board and was looking forward to their leadership in moving the Company forward.
Mr. Jekogian said that he and Mr. Ludwig, together with the Signature team, were excited by the opportunity to stabilize the existing assets and contribute to the future growth of Presidential and that he looked forward to working with the Board of Directors.
Mr. Jekogian is the founder, owner and President of Signature Community Investment Group LLC, a Delaware limited liability company (together with its affiliates, "Signature"), an integrated real estate company focused on multi family rental properties in urban areas. Mr. Jekogian also has more than 15 years experience developing commercial projects in the New York and Philadelphia Metropolitan areas for retail chains. Mr. Jekogian will not be exclusive to the Company. He will continue to own and operate Signature. The Company's independent directors will review all transactions between the Company and Signature and the activities of Mr. Jekogian.
Mr. Ludwig has provided consulting services for Signature since February 2011. He worked at Urban Real Estate Growth Fund LLC from the beginning of 2009 until October 2011, where he oversaw new real estate investments. Prior to joining Urban Real Estate Growth Fund LLC, Mr. Ludwig worked from 2003 to 2008 for ADG Capital LLC, where he oversaw multiple real estate development projects. Mr. Ludwig previously held various positions in banking where he structured debt and corporate finance transactions. Mr. Ludwig will continue to provide consulting services to and receive compensation from Signature. Mr. Ludwig has agreed to keep the independent directors of the Board advised of his activities for and compensation from Signature.
Mr. Rogers has served as President and Chief Operating Officer since February 2005 and as Chief Operating Officer between February 2004 and February 2005 of Integra Realty Resources, Inc., a commercial real estate valuation and counseling firm, where he oversees corporate operations, technology and software initiatives, and all aspects of financial reporting and audit procedures. Mr. Rogers also serves on the Board of Directors of Integra Realty Resources, Inc. and IRR Residential, LLC, an affiliate of Integra Realty Resources, Inc. Since March 2009, Mr. Rogers has served as a Director of TNP Strategic Retail Trust, Inc., a real estate investment trust who files periodic reports under the Securities Exchange Act of 1934. Mr. Rogers also serves on TNP's audit committee and investment committee.
About Presidential Realty
Presidential Realty Corporation, a real estate investment trust, is engaged principally in the ownership of income-producing real estate and in the holding of notes and mortgages secured by real estate or interests in real estate.
Forward-Looking Statements
Certain statements made in this press release that are not historical fact may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the following:
Additional factors that could cause Presidential's results to differ materially from those described in the forward-looking statements can be found in the Company's 2010 Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011. Except as required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.
For further information contact:
Nickolas W. Jekogian, III, njekogian@scig.co
Or Jeffrey F. Joseph, jjoseph@presrealty.com
Tel: 1-914-948-1300
SOURCE Presidential Realty Corporation
Copyright 2011 PR Newswire
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