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| Prime Retail, Inc. Announces Second Adjournment of Annual Meeting of Stockholders Until June 30, 2003, for Limited Purpose of Electing Preferred Directors |
BALTIMORE, June 20 /PRNewswire-FirstCall/ -- Prime Retail, Inc. (the
"Company") (OTC Bulletin Board: PMRE, PMREP, PMREO) today announced that its
annual meeting of stockholders (the "Annual Meeting") held on Tuesday,
June 10, 2003 in Baltimore, Maryland and adjourned until June 24, 2003 for the
limited purpose of enabling the Company's preferred stockholders to elect two
directors, will be adjourned again until Monday, June 30, 2003, 11:00 a.m.,
because of a lack of a quorum. The record date for the meeting remains May 1,
2003.
The Company's Series A preferred stockholders and Series B preferred
stockholders, voting together as one class, are entitled to elect two
directors at the Annual Meeting. The requisite quorum for the election of
directors by such preferred stockholders is the presence in person or by proxy
of a majority of the shares of the Company's Series A Preferred Stock and
Series B Preferred Stock outstanding as of the record date. As of June 19,
2003, proxies relating to the Annual Meeting had been received from the
holders of approximately 37.5% of such shares.
Prime Retail is a self-administered, self-managed real estate investment
trust engaged in the ownership, leasing, marketing and management of outlet
centers throughout the United States. Prime Retail currently owns and/or
manages 37 outlet centers totaling approximately 10.4 million square feet of
GLA. The Company also owns 154,000 square feet of office space. Prime Retail
has been an owner, operator and a developer of outlet centers since 1988. For
additional information, visit Prime Retail's website at http://www.primeretail.com.
Some of the statements contained herein which are not statements of
historical facts are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect management's
current views with respect to future events and financial performance. The
words "believes," "expects," "anticipates," "estimates" and similar words or
expressions are generally intended to identify forward-looking statements.
Actual results may differ materially from those expected because of various
risks and uncertainties, including, but not limited to, changes in general
economic conditions, adverse changes in real estate markets as well as other
risks and uncertainties included from time to time in the Company's filings
with the Securities and Exchange Commission. Prime Retail accepts no
responsibility for updating forward-looking statements.
SOURCE Prime Retail, Inc.
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CONTACT:
Investors: Robert A. Brvenik, President and
Chief Financial Officer, +1-410-234-1750; or Media: Steven A.
Sless, Public Relations, +1-410-234-8333, both of Prime Retail
