American Spectrum Realty Inc. Announces Stockholder Approval of a Reverse Stock Split.Business Editors HOUSTON--(BUSINESS WIRE)--March 1, 2004 American Spectrum Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Inc. (AMEX AMEX See: American Stock Exchange :AQQ AQQ Annual Qualifications Questionnaire ), a diversified real estate investment and management company, announced today that its stockholders, at a special meeting held on Friday, February 27, 2004, approved a one-for-four reverse stock split of its outstanding shares of common stock. The reverse stock split will be effective on Tuesday, March 2. On a pre-split basis, American Spectrum currently has 6,228,375 common shares outstanding. Investors will be receiving instructions regarding the process of exchanging pre-split old common stock certificates for post-split new common stock certificates from the Company's transfer agent, Mellon Investor Services Inc. In addition, the stockholders approved the issuance of up to 382,537 shares of Common Stock (calculated on a pre-split basis) upon exchange of 382,537 units of limited partnership interest in its operating partnership which were issued during 2003. For more information regarding these actions, investors are urged to review the Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated January 22, 2004 which can be found on the Company's Web site, www.americanspectrum.com. William J. Carden, president of American Spectrum, stated, "We are pleased that our shareholders voted overwhelmingly in favor of these items. We anticipate that this one-for-four reverse split will encourage interest and broaden the market for our common stock and ultimately enhance its value." American Spectrum Realty Inc. is a diversified real estate investment and management company that currently owns 25 office, industrial, apartment and retail properties aggregating over 2.4 million square feet in California, Texas, Arizona, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and the Midwest. Publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. since November 2001, American Spectrum Realty's business plan focuses on expansion of office and industrial property investments in California, Texas and Arizona. Certain matters discussed in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including the risks and uncertainties of acquiring, owning, operating and disposing of real estate. Such risks and uncertainties are disclosed in the Company's past and current filings with the U.S. Securities and Exchange Commission. |
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