Crescent Operating Announces Its Annual Meeting.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 1, 2001 Crescent Operating, Inc, ("Crescent Operating" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COPI COPI Chevron Overseas Petroleum Inc. COPI Construction Output Price Index (UK) COPI Court-Ordered Protected Individual .OB) today announced the mailing of its 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. for the annual meeting of shareholders to be held on December 6, 2001 at the Fort Worth Club, located at 306 West 7th Street, Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. . At the meeting, shareholders will be asked to vote on a number of items relating to the sale of assets and capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. previously announced by the Company on June 29, 2001. Shareholders of record at the close of business on October 3, 2001 will receive a proxy statement and are entitled to vote at the annual meeting. FORWARD-LOOKING STATEMENTS This press release contains 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. These statements are generally characterized by terms such as "believe," "expect," "may" and "will." Although the Company believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, actual results could differ materially from those given in the forward-looking statements. The following factors might cause such a difference:
- the inability of the Company to consummate the previously announced
agreements for the sale of assets within its Hospitality and Land Development
segments and for capital infusions into its Equipment Sales and Leasing
segment,
- the inability of the Company to pay its obligations to Crescent Real Estate
Equities Limited Partnership, the operating partnership of Crescent Real Estate
Equities Company (NYSE:CEI) as they come due which is probable in the absence
of a successful restructuring of the Company or infusion of equity,
- the relatively high levels of debt that the Company maintains and the
Company's ability to generate revenue sufficient to meet debt service payments
and other operating expenses,
- the availability of equity and debt financing that may be necessary or
advantageous to expand or maintain the Company's operations and investments,
- the underperformance or non-performance of the Company's existing business
investments,
- any unfavorable resolution of issues that relate to the bankruptcy petition
of Charter Behavioral Health Systems, LLC ("CBHS"), including, but not limited
to, judgments against the Company in respect of lawsuits instituted in
connection with the closure of certain CBHS facilities prior to CBHS's filing
bankruptcy,
- the impact of terrorism acts on the industries in which the Company's
business and investments operate (including equipment sales and leasing,
hospitality, temperature controlled logistics and land development); and
- the impact of changes in the industries in which the Company's businesses and
investments operate (including equipment sales and leasing, hospitality,
temperature controlled logistics and land development) and the economic,
demographic and other competitive conditions affecting those industries, the
Company's cash flows and the value of the Company's investments.
For a more complete discussion of these and other risk factors, please see the Company's SEC reports, including its annual reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , quarterly reports on Form 10-Q Form 10-Q See 10-Q. , current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , and Registration Statements on Forms S-1 and S-4, and especially including its annual report on Form 10-K for the year ended December 31, 2000, its quarterly report on Form 10-Q for the quarters ended March 31, 2001 and June 30, 2001, and its proxy statement filed today for the December 2001 annual meeting of shareholders. Given these uncertainties, readers are cautioned not to place undue reliance on such statements. The Company is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to update these forward-looking statements to reflect any future events or circumstances. ABOUT THE COMPANY Crescent Operating is a diversified management company diversified management company An investment company with a minimum of 75% of its assets as cash, government securities, securities of other investment companies, and other securities subject to a limitation of no more than 5% of the diversified management which through various subsidiaries and affiliates, owns, leases or operates a portfolio of assets consisting primarily of three business-class hotels, five luxury resorts and spas, an interest in a temperature controlled logistics operating company operating company A business that engages in transactions with outsiders. , an interest in three residential developments, and an equipment sales and leasing business. |
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