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Excal Shareholders Approve Increased Protective Measures

TAMPA, Fla., Nov. 21 /PRNewswire/ -- Excal Enterprises, Inc. (OTC Bulletin Board: EXCL) today announced that shareholders approved all eight proposals recommended by the company's board of directors to provide increased protection for shareholders' rights, including increasing the number of authorized common shares from 7,500,000 to 20,000,000, providing for a classified board of directors and related matters. Of the 4,713,866 shares outstanding as of the record date of August 19, 1996, almost 75 percent or 3,492,799 shares were voted.

W. Carey Webb, the company's president and chief executive officer, said that the approval was "extremely welcome news for management" and indicated "a solid vote of confidence in the new direction Excal's management team has charted for the company."

"The whole purpose for the measures we recommended was to insure that management could devote our full attention to continuing to build Excal's value," said Webb. "Now our shareholders have given us the ability to do just that."

Excal's primary business is the lease of warehouse and office space in a building it owns in Jacksonville, Florida.

SOURCE Excal Enterprises, Inc.
 -0- 11/21/96


/CONTACT: Timothy R. Barnes, CFO or W. Carey Webb, President and CEO, 813/224-0228 or Investor Relations Consultants, 813/796-1452 or invrel@mcimail.com/

(EXCL)

CO: Excal Enterprises, Inc. ST: Florida IN: FIN SU:

MS -- FLTH021 -- 5562 11/21/96 16:15 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 21, 1996
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