Excel Legacy Announces Recent Development in Millennia Car Wash Asset Sale.SAN DIEGO--(BUSINESS WIRE)--June 10, 1999-- Excel Legacy Corp. (AMEX AMEX See: American Stock Exchange :XLG XLG Extra Large XLG Export Lead Growth ) (Legacy) today released the following in connection with the sale of the assets of its car wash affiliate, Millennia Car Wash, to Mace Security International (MSI MSI: see integrated circuit. (1) (MicroSoft Installer) See Windows Installer. (2) (Medium Scale Integration) Between 100 and 3,000 transistors on a chip. See SSI, LSI, VLSI and ULSI. ): The agreement with MSI provides for the issuance to Millennia of approximately 4.1 million shares of common stock of MSI and $250,000 of common stock purchase warrants as consideration to acquire the Millennia assets. The shares to be issued will be subject to Rule 144-A. Millennia previously had an agreement with investors in both companies to exchange approximately 1.5 million shares of U.S. Plastic Lumber Corp. (USPL USPL United States Price List ) for approximately 1.5 million shares of MSI. As of today's date, that agreement has been terminated. Millennia will retain ownership of the MSI common stock and common stock purchase warrants upon consummation of the Millennia/MSI transaction. Certain statements in this release that are not historical fact may constitute 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of the company to differ materially from historical results or from any results expressed or implied by such forward-looking statements, including without limitation: national and local economic conditions; the competitive environment in which the company operates; financing risks; property management risks; acquisition and development risks; potential environmental and other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. ; and other factors affecting the real estate industry generally. The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled "Certain Cautionary Statements" in the company's Annual Report 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. for the fiscal year ended July 31, 1998, which discuss these and other factors that could adversely affect the company's results. |
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