As Heartland Partners Winds Down Operations CFO Resigns and President to Resign
30 Dezembro 2004 - 3:51PM
PR Newswire (US)
As Heartland Partners Winds Down Operations CFO Resigns and
President to Resign CHICAGO, Dec. 30 /PRNewswire-FirstCall/ --
Heartland Partners, L.P. (AMEX:HTL) today reported Daniel Bernardi,
the partnership's Chief Financial Officer has resigned to take a
similar position with a Houston, Texas-based homebuilder. Heartland
has engaged RSM McGladrey to provide accounting services. Richard
Brandstatter has advised the company that he is resigning as
President of CMC Heartland, a subsidiary of Heartland Partners,
effective January 1, 2005. Mr. Brandstatter will be joining
Wellington Partners, an Arlington Heights, Illinois real estate
developer. He will continue to serve on CMC's Board of Managers and
will also have a consulting arrangement with the partnership. "The
company does not expect to reassign the positions," said Lawrence
Adelson, chief executive officer. "We continue to wind down
operations and have reduced our number of employees to two." About
Heartland Heartland Partners is a Chicago-based real estate
partnership with properties primarily in the upper Midwest United
States. CMC Heartland is a subsidiary of Heartland Partners, L.P.
CMC is the successor to the Milwaukee Road Railroad, founded in
1847. This news release may contain certain statements that
constitute "forward- looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievement of results to differ
materially from any future results, performance, or achievements
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, real estate market
conditions, changing demographic conditions, adverse weather
conditions and natural disasters, delays in construction schedules,
cost overruns, changes in government regulations or requirements,
increases in real estate taxes and other local government fees,
access to financing, the unpredictability of the timing of real
estate sales and the cost of land, materials and labor. DATASOURCE:
Heartland Partners, L.P. CONTACT: Lawrence Adelson, Chief Executive
Officer of Heartland Partners, L.P., +1-312-575-0400; Brien Gately
of The Investor Relations Co. for Heartland Partners, L.P.,
+1-847-296-4200
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