Presidential Realty Corporation Announces The Settlement Of All Claims Against The Company Related To Its Puerto Rico Property And Its Plan To Grow The Company In 2014 By The Acquisition Of Class B Multifamily Apartments
NEW YORK, Dec. 20, 2013 /PRNewswire/ -- Presidential Realty Corporation (OTC: PDNLB/PDNLA). Presidential Realty Corporation, a publicly traded real estate investment trust ("Presidential REIT") announced that the company settled all claims against it relating to the foreclosure and company guaranty of the Hato Rey Center property in Puerto Rico. Nickolas Jekogian, CEO stated, "The company is now ready to move ahead with its plan to grow as a multifamily REIT through the acquisition of class B multifamily apartments on a national basis using its stock and proceeds from financing activities."
The settlement included the foreclosure of the Hato Rey Center in Puerto Rico, release of Presidential REIT from all remaining claims including those under the guaranty and a one-time payment to the lender of $200,000. The company is pleased to have resolved the litigation and management is looking forward to focusing on the future growth of the company.
About Presidential REIT
Presidential REIT is a real estate investment trust engaged in the ownership of income-producing real estate. The company is presently looking to grow its asset base through the acquisition of class B Multi-family apartment portfolios located in secondary and tertiary markets in the United States.
In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Presidential REIT's management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks. These risks and uncertainties are described under the heading "Risk Factors" in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and are available on our website, www.Presrealty.com. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Presidential REIT assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Presidential Realty Corporation