NEW YORK, Dec. 20, 2013 /PRNewswire/ -- Presidential Realty
Corporation (OTC: PDNLB/PDNLA). Presidential Realty
Corporation, a publicly traded real estate investment trust
("Presidential REIT") announced that the company settled all claims
against it relating to the foreclosure and company guaranty of the
Hato Rey Center property in Puerto
Rico. Nickolas Jekogian, CEO
stated, "The company is now ready to move ahead with its plan to
grow as a multifamily REIT through the acquisition of class B
multifamily apartments on a national basis using its stock and
proceeds from financing activities."
The settlement included the foreclosure of the Hato Rey Center
in Puerto Rico, release of
Presidential REIT from all remaining claims including those under
the guaranty and a one-time payment to the lender of $200,000. The company is pleased to have
resolved the litigation and management is looking forward to
focusing on the future growth of the company.
About Presidential REIT
Presidential REIT is a real estate investment trust engaged in the
ownership of income-producing real estate. The company is
presently looking to grow its asset base through the acquisition of
class B Multi-family apartment portfolios located in secondary and
tertiary markets in the United
States.
Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements and information within the meaning of
the federal securities laws. These statements are based on current
expectations, estimates, projections and assumptions made by
management. While Presidential REIT's management believes the
assumptions underlying its forward-looking statements are
reasonable, such information is inherently subject to uncertainties
and may involve certain risks. These risks and uncertainties
are described under the heading "Risk Factors" in our Annual Report
on Form 10-K and subsequent periodic reports filed with the
Securities and Exchange Commission (SEC) and are available on our
website, www.Presrealty.com. Many of these uncertainties and
risks are difficult to predict and beyond management's control.
Forward-looking statements are not guarantees of future
performance, results or events. Presidential REIT assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
SOURCE Presidential Realty Corporation
