News by SB Informer

Stockholders of AmeriVest Properties Inc. Approve Plan of Liquidation

 

SB Informer
Thursday, May 25, 2006; 01:59 AM

DENVER -- AmeriVest Properties Inc. (AMEX: AMV), a real estate investment trust serving small to medium size office tenants, announced today that its stockholders approved a Plan of Liquidation (the "Plan") at its annual meeting, previously approved by the Company's Board of Directors on February 9, 2006. Approval of the Plan required the affirmative vote of the holders of a majority of the Company's outstanding shares. Holders of approximately 15.1 million of the outstanding shares, representing 62.6% of the votes outstanding and 86.9% of the votes cast, voted to approve the Plan.

Under the Plan, the Company's remaining 12 office properties will be sold on an orderly basis and proceeds distributed to stockholders. All 12 properties are listed with Trammell Crow Company and the sales process is being managed through Trammell Crow's Denver office. Detailed information regarding the properties was released to over 4,000 prospective purchasers on May 1, 2006. Now that the Plan has been approved, the Company expects to call for offers on or about June 7, 2006.

Persons interested in making offers on all or some of the properties should contact Steve Suechting, Executive Vice President, Trammell Crow Company, at 303-224-6366 or [email protected].

At the annual meeting, stockholders also re-elected Robert W. Holman Jr., John A. Labate and Jerry J. Tepper to the Company's Board of Directors to serve until their successors are elected.

Charles Knight, CEO of AmeriVest, stated: "The approval of the Plan today by our stockholders was the culmination of a lengthy and thoughtful process by our Board. The sale of our remaining properties will also follow a process designed to maximize the value achieved for all stockholders in liquidation through a fair, open and complete marketing and sales effort, conducted in an orderly and professional manner. Interest in the properties remains very strong, and we look forward to translating that interest into solid offers for these high quality properties."

Company Information
AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(TM) in Denver, Phoenix, and Dallas through the acquisition, repositioning and operation of multi-tenant office buildings in those markets. To receive AmeriVest's latest news and information, visit our website at www.amvproperties.com.

In addition to historical information, this press release contains forward-looking statements and information under federal securities laws. These statements are based on expectations, estimates and projections about the industry and markets in which AmeriVest operates, management's beliefs and assumptions made by management. While AmeriVest management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. In particular, the factors that could cause actual operating results to differ materially include, without limitation, continued qualification as a real estate investment trust, the effects of general and local economic and market conditions, competition, regulatory changes, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, development and construction costs, insurance risks, the costs and availability of financing, potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in AmeriVest's 2005 Annual Report on Form 10-K, AmeriVest's Proxy Statement for its 2006 annual meeting (filed April 18, 2006) and from time to time in the Company's filings with the Securities and Exchange Commission.