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| Prime Retail, Inc. Announces Postponement of Meeting Previously Adjourned for Limited Purpose of Electing Preferred Directors |
BALTIMORE, June 27 /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 30, 2003 for the
limited purpose of enabling the Company's preferred stockholders to elect two
directors, has been postponed for a lack of a quorum.
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 27,
2003, proxies relating to this election at the Annual Meeting had been
received from the holders of approximately 38.5% of such shares.
Any rescheduling of the meeting for the preferred stockholders to elect
two directors is subject to applicable law and the Company's organizational
documents. Pending such meeting, Howard Amster and Gary Skoien, the two
individuals presently serving on the Company's Board of Directors at the
election of the Company's preferred stockholders, will continue to serve in
such positions.
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
