Presidential Realty Corporation Exhibit 99.1
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 24, 2009
PRESIDENTIAL REALTY PLAN TO REGAIN COMPLIANCE WITH LISTING
STANDARDS FOR CLASS B SHARES ACCEPTED BY NYSE AMEX,
PRESIDENTIAL WILL DELIST CLASS A SHARES
As previously disclosed, Presidential Realty Corporation, a real estate
investment trust whose shares are traded on the NYSE AMEX LLC (PDLA and PDLB),
received a notice dated May 13, 2009 from the NYSE Amex LLC (NYSE AMEX) that the
Company was not in compliance with certain of NYSE AMEX's listing standards with
respect to the Company's Class A and Class B shares.
On June 17, 2009, the Company submitted a Plan to regain compliance with NYSE
AMEX's listing standards with respect to the Company's Class B shares. The
noncompliance resulted from the Company having stockholders' equity of less than
$4,000,000 and losses from continuing operations and net losses in three of its
four most recent fiscal years, as set forth in Section 1003(a)(ii) of NYSE
AMEX's Company Guide . On August 18, 2009, NYSE AMEX notified the Company that
NYSE AMEX had accepted the Company's Plan to regain compliance with its
continuing listing standards with respect to its Class B shares and granted the
Company an extension until November 15, 2010 to regain compliance. The Company
will be subject to periodic review by Exchange Staff during the extension
period. Failure to make progress consistent with the Plan or to regain
compliance with the continuing listing standards by the end of the extension
period could result in the Class B shares being delisted by NYSE AMEX.
The Company Class A shares are not in compliance with Section 1003(b)(i)(C) of
the NYSE AMEX Company Guide in that the Class A shares publicly held have had an
aggregate market value of less than $1,000,000 for more than 90 consecutive days
and the Company did not submit a plan to regain compliance with such continuing
listing standard. Therefore, on August 20, 2009, the Company's Board of
Directors decided to delist the Company's Class A shares and the Company has
notified NYSE AMEX that it will delist its Class A shares from NYSE AMEX.
Following such delisting, the Class A shares may be quoted in the
over-the-counter ("OTC") market in either the Over the Counter Bulletin Board
(the "OTC BB"), a regulated quotation service that displays real-time quotes,
last-sale prices, and volume information in OTC securities, or in the "Pink
Sheets," a centralized electronic quotation service for OTC securities, so long
as market makers demonstrate an interest in trading in the Class A Shares.
Subject to the above, the Class B Shares will remain listed on NYSE AMEX.
Information about the Company will continue to be publicly available and the
Company will continue to file reports with the SEC, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 24, 2009
About Presidential Realty
Presidential Realty Corporation, a real estate investment trust, is engaged
principally in the ownership of income-producing real estate and in the holding
of notes and mortgages secured by real estate or interests in real estate.
Forward-Looking Statements
Certain statements in this release that are not historical fact may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Examples of such forward-looking statements
include statements concerning the Company's ability to implement and execute a
plan in order to regain and maintain compliance with NYSE AMEX continuing
listing standards with respect to its Class B shares, the delisting of its Class
A shares from NYSE AMEX, the possibility of quotation of the Class A shares in
the OTC BB or the Pink Sheets and whether any trading market or liquidity will
develop for the Class A shares. These statements are based on management's
current expectations and beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. The following factors, among
others, could cause actual results to differ materially from those described in
the forward-looking statements:
o Market makers may not publish quotes for the Class A shares in the OTC BB
or the Pink Sheets;
o The Company may not be able to improve its results of operations or
stockholders' equity in order regain compliance with the NYSE AMEX
continuing listing standards;
o Generally adverse economic and business conditions, which, among other
things, (a) affect the demand for residential, retail, industrial and
office space at properties owned by the Company or which are security
for loans made by the Company, (b) affect the availability and
creditworthiness of prospective tenants and the rental rates obtainable
at the properties, and (c) affect consumer demand for the products
offered by the tenants at the malls owned by the joint ventures in
which the Company is a member, which adversely affects the operating
results and valuations of such malls;
o Adverse changes in the real estate markets, including a severe
tightening of the availability of credit, which adversely affect the
ability of the Company or the joint ventures in which the Company is a
member to sell, or refinance the mortgages on, their properties and
which may also affect the ability of prospective tenants to rent space
at these properties;
o General risks of real estate development, ownership and operation;
o Governmental actions and initiatives; and
o Environmental and safety requirements.
Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 24, 2009
Additional factors that could cause the Company's results to differ materially
from those described in the forward-looking statements can be found in the
Company's 2008 Annual Report on Form 10-K and subsequent quarterly reports on
Form 10-Q. Except as required by law, the Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any changes in the
Company's expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.
For further information contact:
Jeffrey F. Joseph, President
Presidential Realty Corporation
at the above address and telephone number