Printer Friendly

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


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

MS -- FLTH021 -- 5562 11/21/96 16:15 EST
COPYRIGHT 1996 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 21, 1996
Previous Article:Chrysler Reports U.S. and Canadian Assembly Plants Schedule for Week of November 25
Next Article:St. Paul Software Launches Encompass: A Total Electronic Commerce Solution For Windows NT

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters