DAYTONA BEACH, Fla., Jan. 6 /PRNewswire-FirstCall/ -- Consolidated-Tomoka
Land Co. (Amex: CTO; NYSE Alternext US: CTO) (the "Company") announced today
that on January 5, 2009, the Company was served with an application by
Wintergreen Advisers, LLC, in the Circuit Court of the Seventh Judicial
Circuit in Volusia County, Florida, for court-ordered inspection of corporate
records.
This lawsuit arises out of the May 30, 2008 and August 29, 2008 inspection
demands of Wintergreen Advisers that were referenced most recently in
Wintergreen's letter to the Company of December 22, 2008. The Company
believes that the lawsuit is without merit and intends to vigorously defend
itself in this matter. The Company also believes that it has substantially
complied with and produced documents in excess of its obligations under
Florida law.
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based company primarily engaged
in converting Company owned agricultural lands into a portfolio of net lease
income properties strategically located in the Southeast, through the
efficient utilization of 1031 tax-deferred exchanges. The Company has low
long-term debt and generates over $9 million in annual before tax cash flow
from its real estate portfolio. The Company also engages in selective self-
development of targeted income properties. The Company's adopted strategy is
designed to provide the financial strength and cash flow to weather difficult
real estate cycles. Visit our website at www.ctlc.com.
Safe Harbor
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. The
Company wishes to caution readers that the assumptions which form the basis
for forward-looking statements include many risks and uncertainties that are
beyond the Company's ability to control or estimate precisely. While the
Company periodically reassesses risks and uncertainties, the Company does not
intend to review or revise any particular forward-looking statement referenced
herein in light of future events.
SOURCE Consolidated-Tomoka Land Co.