Gyrodyne Receives Option Payment

Apr 20, 2001, 01:00 ET from Gyrodyne Company of America, Inc

    ST. JAMES, N.Y., April 20 /PRNewswire Interactive Press Release/ --
 Gyrodyne Company of America, Inc. (Nasdaq: GYRO) today announced it had
 received a payment of $1,240,000 in connection with a long standing helicopter
 technology agreement with Dornier GmbH, Germany.
     President Stephen V. Maroney stated that "The payment represents the final
 chapter in the historical business of the Company, the manufacturing of drone
 helicopters primarily for the US Navy.  For the most part, that facet of our
 corporate profile was discontinued over three decades ago.  The defunct
 helicopter division was disposed of last year via an agreement with Aviodyne
 USA located in Los Angeles, California.  Pursuant to that agreement, Gyrodyne
 retained its entitlement to this payment in the event Dornier executed an
 option to acquire manufacturing rights from the Company.  In return for
 Aviodyne's ongoing technical support to Dornier, they are to receive 10
 percent or $124,000 from this transaction."
     In addition to the Aviodyne fee, the Company anticipates other expenses
 related to regulatory and administrative issues.  Net proceeds from the
 transaction are estimated at approximately $1 million.
 
     Except for historical information contained herein, this release may
 contain, within the meaning of the federal securities laws, forward-looking
 statements that are based on management's beliefs and assumptions, current
 expectations, estimates and projections.  Many of the factors that will
 determine the Company's financial results are beyond the ability of the
 Company to control or predict.  These statements are subject to risks and
 uncertainties and therefore actual results may differ materially.  The Company
 disclaims any obligation to update any forward-looking statements whether as a
 result of new information, future events or otherwise.  Important factors and
 risks that may affect future results include but are not limited to: changes
 in the real estate industry, changes in laws and regulations, litigation,
 interest rates, available capital, limitations on future financing, the
 effects of adverse publicity, uncertainties relating to obtaining government
 approvals, failure to consummate anticipated transactions, general economic
 conditions, competition and other risks and uncertainties that are described
 from time-to-time in the Company's filings with the Securities and Exchange
 Commission, copies of which are available upon written request from the
 Company.
 
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SOURCE Gyrodyne Company of America, Inc
    ST. JAMES, N.Y., April 20 /PRNewswire Interactive Press Release/ --
 Gyrodyne Company of America, Inc. (Nasdaq: GYRO) today announced it had
 received a payment of $1,240,000 in connection with a long standing helicopter
 technology agreement with Dornier GmbH, Germany.
     President Stephen V. Maroney stated that "The payment represents the final
 chapter in the historical business of the Company, the manufacturing of drone
 helicopters primarily for the US Navy.  For the most part, that facet of our
 corporate profile was discontinued over three decades ago.  The defunct
 helicopter division was disposed of last year via an agreement with Aviodyne
 USA located in Los Angeles, California.  Pursuant to that agreement, Gyrodyne
 retained its entitlement to this payment in the event Dornier executed an
 option to acquire manufacturing rights from the Company.  In return for
 Aviodyne's ongoing technical support to Dornier, they are to receive 10
 percent or $124,000 from this transaction."
     In addition to the Aviodyne fee, the Company anticipates other expenses
 related to regulatory and administrative issues.  Net proceeds from the
 transaction are estimated at approximately $1 million.
 
     Except for historical information contained herein, this release may
 contain, within the meaning of the federal securities laws, forward-looking
 statements that are based on management's beliefs and assumptions, current
 expectations, estimates and projections.  Many of the factors that will
 determine the Company's financial results are beyond the ability of the
 Company to control or predict.  These statements are subject to risks and
 uncertainties and therefore actual results may differ materially.  The Company
 disclaims any obligation to update any forward-looking statements whether as a
 result of new information, future events or otherwise.  Important factors and
 risks that may affect future results include but are not limited to: changes
 in the real estate industry, changes in laws and regulations, litigation,
 interest rates, available capital, limitations on future financing, the
 effects of adverse publicity, uncertainties relating to obtaining government
 approvals, failure to consummate anticipated transactions, general economic
 conditions, competition and other risks and uncertainties that are described
 from time-to-time in the Company's filings with the Securities and Exchange
 Commission, copies of which are available upon written request from the
 Company.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X02392887
 
 SOURCE  Gyrodyne Company of America, Inc