Patriot Transportation Holding, Inc. Announces Agreement to Sell Land and Presentation at BB&T 25th Annual Transportation Servic
05 Februar 2010 - 8:00PM
PR Newswire (US)
JACKSONVILLE, Fla., Feb. 5 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) announced today that a
subsidiary of the Company, Florida Rock Properties, Inc., entered
into an agreement to sell approximately 1,844 acres of land in
Caroline County, Virginia, to the Commonwealth of Virginia, Board
of Game and Inland Fisheries. The purchase price for the property
is $5,200,000, subject to certain deductions. The Company is also
donating the value of minerals and aggregates. The agreement of
sale is subject to certain contingencies including satisfactory
completion of the buyer's inspection period, review of the
appraisal, federal government funding and additional government
approvals. The contract expires if not completed before September
21, 2010. The Company's book value of the property is $222,000. If
the sale closes, the Company may use the proceeds in a 1031
exchange for the purchase of real estate. The Company, through its
CFO, John D. Milton, Jr., will be presenting at BB&T
Transportation Services Conference on Thursday, February 11, 2010
at 1:55 p.m. EST. In its presentation the Company will review its
business segments and financial performance. Wall Street Webcasting
will be webcasting the live audio of the Company's presentation.
Interested parties may listen to the presentation with appropriate
audio hardware and software by accessing the Internet at
http://www.wsw.com/webcast/bbt17/patr/ a few minutes prior to the
scheduled time for the presentation. The presentation may also be
accessed via the Company's website at http://www.patriottrans.com/
by clicking on Investor Relations - BB&T Conference February
2010. Wall Street Webcasting will record the presentation and
provide website access to it in audio form for ninety (90) days
following the interview Investors are cautioned that any statements
in this press release which relate to the future are, by their
nature, subject to risks and uncertainties that could cause actual
results and events to differ materially from those indicated in
such forward-looking statements. These include general economic
conditions; competitive factors; political, economic, regulatory
and climatic conditions; driver availability and cost; the impact
of future regulations regarding the transportation industry;
freight demand for petroleum product and levels of construction
activity in the Company's markets; fuel costs; risk insurance
markets; demand for flexible warehouse/office facilities; ability
to obtain zoning and entitlements necessary for property
development; interest rates; levels of mining activity; pricing;
energy costs and technological changes. Additional information
regarding these and other risk factors and uncertainties may be
found in the Company's filings with the Securities and Exchange
Commission. Patriot Transportation Holding, Inc. is engaged in the
transportation and real estate businesses. The Company's
transportation business is conducted through two wholly owned
subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern
transportation company concentrating in the hauling by motor
carrier of liquid and dry bulk commodities. The Company's real
estate group, comprised of FRP Development Corp. and Florida Rock
Properties, Inc., acquires, constructs, leases, operates and
manages land and buildings to generate both current cash flows and
long-term capital appreciation. The real estate group also owns
real estate which is leased under mining royalty agreements or held
for investment. DATASOURCE: Patriot Transportation Holding, Inc.
CONTACT: John D. Milton, Jr., Chief Financial Officer of Patriot
Transportation Holding, Inc., +1-904-858-9164 Web Site:
http://www.patriottrans.com/
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