For Immediate Release
Los Angeles, California, April 19, 2013 --- LAACO, Ltd. President and Managing Partner, Karen L. Hathaway, said today that LAACO’s Managing General Partner had authorized the Partnership to repurchase an additional $1,000,000 of LAACO, Ltd. units through April 25, 2014. President Hathaway added that LAACO has been authorized to cumulatively repurchase, from time to time, up to $7,000,000 of its Partnership Units. Since the Repurchase Program was implemented, LAACO has repurchased a total of 4,917 Partnership units at an aggregate cost of approximately $4.8 million.
As part of LAACO’s Repurchase Program, the Partnership has also entered into a prearranged Repurchase Plan with Crowell, Weedon & Co., a Los Angeles brokerage firm. President Hathaway said that Crowell, Weedon would have the independent discretionary authority to repurchase the Partnership's units in the open market, or through privately negotiated transactions beginning on April 22, 2013 and continuing through April 25, 2014, unless the Repurchase Plan is terminated earlier in accordance with its terms.
Under the Repurchase Program, the Partnership is further authorized to continue its repurchase of units directly from unitholders, as directed by its Managing General Partner. Unitholders and investors seeking additional information on the Partnership's Repurchase Program should contact Charles E. Michaels, the Partnership’s Secretary, at 500 South Grand Avenue, Suite 1300, Los Angeles, California 90071; telephone (213) 622-1254.
This notice is not an offer to buy units, but simply an announcement concerning the Repurchase Program. The Repurchase Program is discretionary, and the Partnership may suspend or terminate the Repurchase Program, or its prearranged unit repurchase plan with Crowell, Weedon , at any time without further notice. The officers of LAACO, Ltd. and controlling related parties, including the Managing Members of Stability LLC, are not eligible to participate in the Repurchase Program.
LAACO, Ltd. is a California limited partnership, which acquires, develops, builds and manages Storage West self-storage facilities in the western United States. Wholly owned subsidiaries of the Partnership own and operate The Los Angeles Athletic Club and California Yacht Club.
For reference, information on LAACO, Ltd. is contained in the OTC Markets, which is found on the internet at www.otcmarkets.com . LAACO's trading symbol is "LAACZ."
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Forward Looking Statements
Statements made in this announcement regarding the Partnership's plans to repurchase additional LAACO, Ltd. partnership units, the anticipated effect of such repurchase on the Partnership's liquidity, and other statements may constitute forward-looking statements. Such statements are based on the current expectations and beliefs of the management of the Partnership and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the Partnership's continued ability to generate cash flow from operating activities to repurchase the units and whether units will be available for repurchase. The Partnership undertakes no obligation to update this forward-looking information, except as required by law.
