Griffin Announces Closing On Mortgage
NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Griffin Land & Nurseries, Inc. (Nasdaq: GRIF) ("Griffin") announced that a subsidiary of its real estate business, Griffin Land, closed on a $4.3 million nonrecourse mortgage of its recently acquired industrial building in Breinigsville, Pennsylvania with New Alliance Bank. The mortgage has a fixed interest rate of 6.5% and a ten-year term with payments based on a twenty-five year amortization period.
In addition to its real estate business, Griffin operates a landscape nursery business, Imperial Nurseries, Inc. Griffin also has investments in Centaur Media plc, a public company based in the United Kingdom and listed on the London Stock Exchange, and Shemin Nurseries Holdings Corp., a private company that operates a landscape nursery distribution business through its subsidiary, Shemin Nurseries, Inc.
This Press Release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including the use of proceeds of the mortgage loan. Although Griffin believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved, particularly with respect to factors described in Griffin's Securities and Exchange Commission filings, including the "Business," "Risk Factors" and "Forward-Looking Information" sections in Griffin's Annual Report on Form 10-K for the fiscal year ended November 29, 2008. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by Griffin as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of Griffin.SOURCE Griffin Land & Nurseries, Inc.
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