Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today
announced that it has completed its $8 million share repurchase program
as a result of repurchasing approximately $2.66 million of its common
stock since September 30, 2015. The Company also announced that its
Board of Directors, at its regularly scheduled meeting in October 2015,
approved a new $10 million share repurchase program (the “New Repurchase
Program”), and the Company amended its credit facility to allow for the
New Repurchase Program.
John P. Albright, President and Chief Executive Officer of the Company
stated, “As we continue our efforts to unlock the value of our asset
rich company, we’re pleased to have completed the original $8 million
share repurchase program, originated in 2008, and to announce a new $10
million share repurchase program.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income investments in
diversified markets in the United States including approximately 1.7
million square feet of income properties, as well as over 10,500 acres
of land in the Daytona Beach area. 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. Words
such as “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. Although forward-looking statements are
made based upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company, a number of
factors could cause the Company’s actual results to differ materially
from those set forth in the forward-looking statements. Such factors may
include uncertainties associated with closing land transactions,
including the likelihood, timing, and final transaction terms thereof,
the estimate of the cost of completing infrastructure work affiliated
with certain land transactions and the impact on the total estimated
gain as well as the timing of the recognition of that gain, our ability
to obtain necessary governmental approvals for our land transactions or
to satisfy other closing conditions, as well as the uncertainties and
risk factors discussed in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2014 and in our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2015, each filed with the Securities and
Exchange Commission. 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.
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