Crescent Operating, Inc. Announces Listing on Nasdaq National Market and Hotel Lease Acquisitions.FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 8, 1997--Crescent Operating, Inc. (Nasdaq:COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual ) announced today that its Common Stock has been approved for listing on the Nasdaq National Market System. The listing will take effect today, Monday, Sept. 8, 1997. The company also announced the acquisition for $2 million of Rosestar Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and two affiliated corporations ("Rosestar") that directly or through subsidiaries, lease 6 hotels and resorts on a long-term lease from Crescent Real Estate Equities Operating Partnership or its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. ; the Denver Marriott City Center and the Hyatt Regency Beaver Creek Beaver Creek may refer to numerous places, mainly stream and towns. The USGS database records 658 waterways and 19 populated places using the name in the United States and numerous others using related forms like Beaver Creek Ditch, Beaver Creek Swamp, Beaver Creek Lake, Beaver in Colorado, the Hyatt Regency in Albuquerque, N.M., Canyon Ranch Canyon Ranch is a brand associated with several properties, communities, resorts, and spas. Properties & communities
Because the sellers of Rosestar included two officers and directors of the company, Gerald Haddock and John Goff
John William Goff (January 1 1848 - November 9 1924) was an Irish-born lawyer and judge also noted for his support of Fenian rebel movements. , who owned less than 10% of Rosestar, the company obtained a valuation of Rosestar from an independent national accounting firm. After considering such valuation and the other terms of the transaction, the disinterested directors of the company determined that the acquisition of Rosestar, including the $2 million purchase price, was fair to the company and in the best interest of its shareholders. The funds used for the acquisition came from the company's new one year unsecured $15 million revolving loan from NationsBank of Texas, N.A., which bears interest at London Interbank Offer Rate plus one percent. For further information, contact Jeffrey Stevens, Chief Financial Officer, at 817/339-1010. CONTACT: Crescent Operating, Inc., Fort Worth Jeffrey Stevens, 817/339-1010 |
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