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CV REIT ANNOUNCES DIVIDEND OF HILCOAST DEVELOPMENT STOCK

CV REIT ANNOUNCES DIVIDEND OF HILCOAST DEVELOPMENT STOCK
 WEST PALM BEACH, Fla., Sept. 30 /PRNewswire/ -- CV Reit, Inc. (NYSE: CVI), today announced that it will distribute approximately 1.8 million shares of common stock, par value $.01 per share, of Hilcoast Development Corp. to its stockholders of record as of Oct. 9, 1992, as a taxable dividend. The dividend will be paid on the basis of one share of Hilcoast Development common stock for each four shares of CV Reit common stock owned on the record date. Hilcoast Development is engaged in the design, development, construction, marketing and sale of residential housing units, principally at the Century Village adult condominium project located in Pembroke Pines, Fla.
 All stockholders of record who own less than 400 shares of CV Reit common stock will receive cash in lieu of shares of Hilcoast Development common stock and cash will be paid in lieu of all fractional share interests. The amount of the cash payments to be made to CV Reit's stockholders will be computed based on the fair market value of Hilcoast Development's shares at the time of the distribution.
 The shares of Hilcoast Development common stock to be distributed are the subject of a registration statement which has been filed with the United States Securities and Exchange Commission. The dividend will be distributed subject to and as soon as practicable after the declaration of effectiveness of the registration statement (expected to occur prior to Oct. 31, 1992) and each stockholder will receive with that distribution a prospectus which more fully describes the dividend and Hilcoast Development.
 The common stock of Hilcoast Development to be distributed will be eligible for trading in the over-the-counter market, but will not initially be listed on any national securities exchange or admitted on the National Association of Securities Dealers, Inc. Automated Quotation System (NASDAQ). Hilcoast Development intends to apply, at a later date, for listing of its common stock on a national securities exchange or NASDAQ, but there can be no assurance that it will be able to satisfy the applicable listing requirements or that such application will be granted.
 On Aug. 21, 1992, a summary judgment order was issued in favor of Chicago Title Insurance Company in connection with CV Reit's claim for damages against Chicago Title in excess of $15 million relating to certain mortgage title insurance policies issued in favor of CV Reit. CV Reit intends to appeal that order.
 Effective Oct. 1, 1992, Alan Shulman, a director of CV Reit since 1985, was elected as chairman of CV Reit's board of directors. On Sept. 16, 1992, Elaine Kahant, CV Reit's controller, was appointed CV Reit's vice president and treasurer.
 -0- 09/30/92
 CONTACT: Alvin Wilensky of CV Reit, Inc., 407-640-3155
 (CVI) CO: CV REIT, INC.; HILCOAST DEVELOPMENT CORP. ST: FL -- NY079 -- X665 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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