EXHIBIT 99.3
PRESS RELEASE
Gyrodyne Company of America, Inc.
102 Flowerfield
St. James, New York 11780-1551
Phone (631) 584-5400 Fax (631) 584-7075
May 1, 2006
Gyrodyne Company of America, Inc.
102 Flowerfield
St. James, New York 11780
FOR IMMEDIATE RELEASE
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***** NEWS ***** NEWS ***** NEWS ***** NEWS ***** NEWS ***** NEWS *****
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Gyrodyne Rejects Opportunity Partners Offer
"NASDAQ:GYRO" - ST. JAMES, N.Y., May 1, 2006 - Gyrodyne Company of America, Inc.
announced today that its Board of Directors has voted unanimously to reject the
unsolicited offer the Company received from Opportunity Partners L.P. to acquire
all of the shares of the Company for $48 per share.
Stephen V. Maroney, President and Chief Executive Officer of Gyrodyne, stated
that "Our Board of Directors considered the offer carefully in consultation with
our financial and legal advisors and concluded that Gyrodyne's prospects are
substantially better than are reflected in the Opportunity Partners offer. We
believe that the pursuit of just compensation in the Court of Claims, together
with the progress being made with the other components of our corporate strategy
will enable Gyrodyne to achieve one or more shareholder liquidity events in a
reasonable period of time and gives Gyrodyne a better chance to maximize value
for our shareholders".
Forward-Looking Statement Safe Harbor
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The statements made in this press release that are not historical facts contain
"forward-looking information" within the meaning of the Private Securities
Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as amended, which can
be identified by the use of forward-looking terminology such as "may," "will,"
"anticipates," "expects," "projects," "estimates," "believes," "seeks," "could,"
"should," or "continue," the negative thereof, other variations or comparable
terminology. Important factors, including certain risks and uncertainties, with
respect to such forward-looking
statements that could cause actual results to differ materially from those
reflected in such forward-looking statements include, but are not limited to,
the effect of economic and business conditions, including risks inherent in the
Long Island, New York and Palm Beach County, Florida real estate markets, the
ability to obtain additional capital or a viable merger candidate in order to
develop the existing real estate and other risks detailed from time to time in
our SEC reports. We assume no obligation to update the information in this press
release.
About Gyrodyne Company of America, Inc.
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Gyrodyne owns a 68 acre site approximately 50 miles east of New York City on the
north shore of Long Island. The Company is currently contesting the value paid
by New York State for 245.5 adjoining acres taken under eminent domain
proceedings. The Company is also a limited partner in the Callery Judge Grove,
L.P. which owns a 3,500 plus acre property in Palm Beach County, Florida.
Gyrodyne's common stock is traded on the NASDAQ Stock Market under the symbol
GYRO. Additional information about Gyrodyne may be found on its web site at
http://www.gyrodyne.com/.
MEDIA CONTACT: Rick Matthews, Rubenstein Associates, (212) 843-8267