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 http://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.
