Consolidated Tomoka Announces Successful Foreclosure on Approximately 600
DAYTONA BEACH, Fla. -- January 30, 2014
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today announced
that its approximately $4.7 million claim for un-reimbursed road costs and
accrued interest, which was subject to a judgment from 2012, has been
satisfied through the successful foreclosure of approximately 600 acres of
land. The Company originally sold the land to a residential developer in 2004.
The Company believes that the property’s proximity to the Company’s LPGA
International golf club, the USTA’s tennis facility, Champion Elementary
School, and I-95 and I-4 makes the property attractive as a residential
John P. Albright, President and Chief Executive Officer of the Company,
stated, “We are pleased to have finally achieved a successful outcome from the
four years of litigation and excited to offer this parcel for development. The
residential market is active and we expect that many developers will be
interested in purchasing this land for residential development.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly
traded real estate company, which owns a portfolio of income properties in
diversified markets in the United States as well as over 10,000 acres of land
in the Daytona Beach area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of
historical fact) are forward-looking statements. The words “believe,”
“estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,”
“should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar
expressions and variations thereof identify certain of such forward-looking
statements, which speak only as of the dates on which they were made.
Forward-looking statements are made based upon management’s expectations and
beliefs concerning future developments and their potential effect upon the
Company. There can be no assurance that future developments will be in
accordance with management’s expectations or that the effect of future
developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643, Facsimile: 386-274-1223
Sr. Vice President & Chief Financial Officer
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