Correcting Spelling of Company Name in BW1196, Phillips International Realty, Philips sted Phillips.NEW YORK--(BUSINESS WIRE)--Oct. 13, 1999-- In BW1196 (NY-PHILLIPS-INTERNATIONAL) To Explore Strategic Alternatives to Maximize Shareholder Value, the company name was misspelled throughout the release. The correct spelling is Philips International Realty. The corrected release follows: Philips International Realty Corp. (NYSE NYSE See: New York Stock Exchange :PHR PHR Personal Health Record PHR Physicians for Human Rights PHR Professional in Human Resources PHR Public Health Reports PHR Partnerships for Health Reform Phr Phrygian (linguistics) PHR Presse Hebdomadaire Régionale ), a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. based real estate investment trust, announced today that it has retained Prudential Securities-Incorporated as financial advisor to assist the company in examining strategic alternatives to maximize shareholder value. Lou Petra, President of Philips International, stated "We have made significant progress in enhancing the underlying value of our core portfolio through creative leasing transactions, expansion projects and redevelopment activities. In addition, we have further enhanced the intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. of the company through our program of selective investing in value-added acquisitions and ground-up developments. However, we believe our current stock price does not reflect the underlying value of our assets. Given the changing dynamics of the REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). market place, and consistent with our commitment to realize shareholder value for all of those who have invested with us, we believe it is prudent to explore the strategic alternatives available to the company." Philips International Realty Corp. is a New York based, equity real estate investment trust which owns and operates neighborhood and community shopping centers predominantly located in the greater New York and Miami metropolitan markets. For nearly two decades, the company has pursued a strategy of maximizing long-term returns to its investors through specializing in the development and acquisition for redevelopment of shopping center properties in these demographically strong markets where the availability of retail space lags behind a growing population density. Today, the company's portfolio comprises interests in 28 properties totaling over 3.8 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. . The company's shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PHR. Safe Harbor Statement. Certain statements in this release regarding anticipated operating results and time are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company believes the statements and projections are based upon reasonable assumptions, actual results may differ from those projected. Key factors that could cause actual results to differ materially include economic downturns, successful and timely completion of acquisitions, renovations and development programs, leasing activities and other risks associated with the commercial real estate business, and as detailed in the Company's filings from time to time with the Securities and Exchange Commission. |
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