Heartland Partners, L.P. Announces Sale of Illinois Property
24 Marzo 2005 - 8:51AM
PR Newswire (US)
Heartland Partners, L.P. Announces Sale of Illinois Property
CHICAGO, March 24 /PRNewswire-FirstCall/ -- Heartland Partners,
L.P. (AMEX:HTL) today announced that, on March 23, 2005, it closed
the sale of 1.2 acres of land in its Kinzie Station project in
Chicago, Illinois for $4.2 million in cash proceeds. The buyer, 325
Union LLC, an affiliate of RDM- Alko, plans to develop condominiums
on the site. The company intends to hold the net proceeds of the
sale as working capital in light of pending environmental claims
and litigation in Montana and Minnesota. "The status of our pending
property sales, environmental issues and other litigation will be
discussed when we announce the year end results which we expect to
report in about a week," said Lawrence Adelson, chief executive
officer. About Heartland Heartland Partners is a Chicago-based real
estate partnership with properties primarily in the upper Midwest
United States. CMC Heartland is a subsidiary of Heartland Partners,
L.P. CMC is the successor to the Milwaukee Road Railroad, founded
in 1847. "Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: This release includes
forward-looking statements intended to qualify for the safe harbor
from liability established by the Private Securities Litigation
Reform Act of 1995. These forward-looking statements generally can
be identified by phrases such as the company, Heartland or its
management "believes," "expects," "anticipates," "foresees,"
"forecasts," "estimates" or other words or phrases of similar
import. Similarly, statements in this release that describe the
company's business strategy, outlook, objectives, plans, intentions
or goals also are forward-looking statements. All such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements. The forward-looking
statements included in this release are made only as of the date of
publication, and the company undertakes no obligation to update the
forward-looking statements to reflect subsequent events or
circumstances. For more information on Heartland Partners, L.P.,
see the company's most recent reports on Forms 10-K and 10-Q, which
may be found at http://www.sec.gov/ . DATASOURCE: Heartland
Partners, L.P. CONTACT: Lawrence Adelson, Chief Executive Officer,
of Heartland Partners, L.P., +1-312-834-0592; or Brien Gately of
The Investor Relations Co., +1-847-296-4200
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