Arlington Hospitality, Inc. Announces Results of Board Elections; President/CEO Gives Notice of Resignation.Business Editors ARLINGTON HEIGHTS Arlington Heights, village (1990 pop. 75,460), Cook county, NE Ill., a residential suburb of Chicago; founded 1836, inc. 1887. Its manufactures include machinery, drugs and medical equipment, and metal fabrication. Arlington Park racetrack is there. , Ill.--(BUSINESS WIRE)--Aug. 15, 2002 Arlington Hospitality, Inc. (Nasdaq/NM: HOST) today announced the results of the election of the Board of Directors. At its annual meeting held today in Arlington Heights, Illinois Arlington Heights is an affluent village in Cook County, Illinois and a northwestern suburb of Chicago. It is located about 25 miles northwest of downtown Chicago. A 2003 Census recount gave the village a population of 76,422, the largest for a village in the United States , the shareholders elected by a plurality The opinion of an appellate court in which more justices join than in any concurring opinion. The excess of votes cast for one candidate over those votes cast for any other candidate. Appellate panels are made up of three or more justices. of the vote the following as Directors to serve on the Company's Board.
Michael P. Holtz
Salomon J. Dayan
Thomas J. Romano
Gerald T. LaFlamme
Kenneth M. Fell
Steven J. Belmonte
Russell J. Cerqua
Following the election of Directors, Michael P. Holtz, President and Chief Executive Officer served notice to the new Board that he will resign all positions with the Company and its subsidiaries in six months. In addition, Russell J. Cerqua and Michael P. Holtz notified the Board that they will not accept the position of Director for the Company. After discussions with the Board, Mr. Holtz agreed to stay on the Board as long as he is employed by the Company. The Board agreed that this decision will not have an adverse impact to Mr. Holtz with regard to his employment agreement with the Company. The Board is in the process of forming a search committee to recruit and replace the position of President and Chief Executive Officer. Arlington Hospitality, Inc. is a hotel management and development company that builds and manages mid-priced hotels. As of August 15, 2002, Arlington Hospitality, Inc. owns or manages 77 properties in 17 states, including 65 AmeriHost Inn hotels, for a total of 5,747 rooms, with four additional AmeriHost Inn & Suites hotels under construction. Each hotel offers an amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. package not often found in other mid-priced hotels. The statements appearing in this press release can be construed as 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including without limitation, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development and operation of hotels, the availability of capital to finance growth, and the historical cyclicality of the lodging industry. |
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