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| Prime Retail Announces Special Meeting of Stockholders to be October 30, 2003, With a Record Date of September 23, 2003 |
BALTIMORE, Sept. 22 /PRNewswire-FirstCall/ -- Prime Retail, Inc. (the
"Company") (OTC Bulletin Board: PMRE, PMREP, PMREO) announced today that it
will hold a special meeting of stockholders (the "Special Meeting") on
Thursday, October 30, 2003 in Baltimore, Maryland. The purpose of the Special
Meeting will be to consider and approve the previously announced agreement
under which the Company will be acquired by an affiliate of The Lightstone
Group, LLC, a New Jersey-based real estate company (the "Acquisition"). The
record date for the Special Meeting is September 23, 2003. Accordingly, our
common stockholders and preferred stockholders of record as of the close of
business on September 23, 2003 will be entitled to notice of, and vote at, the
Special Meeting.
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 36 outlet centers totaling approximately 10.2 million square feet of
GLA. Prime Retail 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.
INVESTOR NOTICE
Prime Retail plans to file with the SEC a proxy statement and other
relevant documents concerning the Acquisition. Investors of Prime Retail are
urged to read the proxy statement when it is filed and any other relevant
documents filed with the SEC because they will contain important information.
You will be able to obtain the documents, when they become available, free of
charge at the website maintained by the SEC at http://www.sec.gov. In addition, you
may obtain documents filed with the SEC by Prime Retail free of charge by
accessing the Company's website at http://www.primeretail.com or by requesting such
documents in writing from Prime Retail, Inc., 100 East Pratt Street, 19th
Floor, Baltimore, Maryland 21202 or by telephone at (410) 234-0782.
Prime Retail, its directors and executive officers and certain of Prime
Retail's employees may be deemed to be participants in the solicitation of
proxies from the stockholders of Prime Retail in connection with the
Acquisition. These participants may have interests in the Acquisition, if
consummated, including interests resulting from holding equity interests in
Prime Retail or its operating partnership. Information about the interests of
directors and executive officers of Prime Retail and their ownership of
securities of Prime Retail will be set forth in the proxy statement.
Investors should read the proxy statement carefully when it becomes
available before making any voting or investment decisions.
SOURCE Prime Retail, Inc.
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Company News On-Call:
CONTACT:
Investors: Robert A. Brvenik, President and
Chief Financial Officer, +1-410-234-1750; or Media: Steven A.
Sless, Director - Public Relations, +1-410-234-8333, both of
Prime Retail
