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EXHIBIT 99.1
CONTACT: JOSEPH MACNOW
(201) 587-1000
VORNADO OPERATING COMPANY
210 Route 4 East
Paramus, NJ 07652
FOR IMMEDIATE RELEASE - October 6, 2000
PARAMUS, NEW JERSEY......VORNADO OPERATING COMPANY (AMEX:VOO) announced
that Transportal Network ("Transportal"), a 60% owned internet start - up, is
ceasing operations today because of a failure to attract third party funding. As
a result, VOO expects to record a charge of approximately $2.1 million for the
three months ended September 30, 2000, representing VOO's share of Transportal's
third quarter loss and the estimated cost to cease Transportal's operations.
Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements include known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, costs and
uncertainties associated with the wind down.
