FOR IMMEDIATE RELEASE SYMBOL: EXCL
Tuesday, August 29, 2000 TRADED: OTC Bulletin Board
EXCAL ENTERPRISES SAYS TENANT ELECTS NOT TO RENEW LEASE
AT IMESON CENTER
TAMPA, Fla., Aug. 29-Excal Enterprises, Inc. announced today that
its major tenant of warehouse space at the Imeson Center office and
warehouse park in Jacksonville, FL, has informed the company that it
does not intend to renew its lease which expires December 31, 2000.
Laney & Duke, which provides warehousing services to Sara Lee's
knit products division, is currently leasing all of the approximately
1.4 million square feet of warehouse space in Imeson Center. The
balance of the approximately 1.7 million square feet in Imeson Center
is office space which is more than 85 percent leased.
W. Carey Webb, Excal's president and chief executive officer,
said, "While no one likes to see a major tenant not renew, we feel the
Jacksonville market for office/warehouse space continues on a strong
trend. A single tenant requiring upwards of a million square feet of
space would be ideal, but the space could just as well be leased to
several tenants."
Mr. Webb said he "wouldn't rule out dividing the space or making
further conversions of a portion of the warehouse into upscale office
space." Previously, major improvements were made to accommodate two
large office space tenants - Aetna Insurance Company and America
Online.
Excal's operations currently fall into two distinct businesses:
the manufacturer and distribution of sports licensing products and the
rental of commercial real estate. In December 1998, the company
acquired Roxbury Industries Corp., which produces and distributes knit
products licensed to include the logos of most college and major
professional sports teams. The company owns, leases and manages a two-
story warehouse and office facility containing approximately 1,666,000
square feet of rentable space located on approximately 74 acres in an
industrial park in Duval County, Florida.
MORE . . .
PAGE 2 / EXCAL ENTERPRISES SAYS TENANT ELECTS NOT TO RENEW LEASE
This news release contains forward-looking statements related to
future growth and earnings opportunities. Such statements are based
upon certain assumptions and assessments made by management of the
company in light of its experience and perception of historical
trends, current conditions, expected future developments and other
factors it believes to be appropriate. Actual results may differ as a
result of factors over which the company has no control including the
strength of the economy, timing of obtaining tenants and renovation
costs necessary to accommodate new tenants. More detailed statements
regarding significant events which could affect the company's
financial results are included in the company's Form 10-K filed with
the Securities and Exchange Commission.
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