JACKSONVILLE, Fla., Feb. 5 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (Nasdaq: PATR) announced today that a subsidiary of the Company, Florida Rock Properties, Inc., entered into an agreement to sell approximately 1,844 acres of land in Caroline County, Virginia, to the Commonwealth of Virginia, Board of Game and Inland Fisheries. The purchase price for the property is $5,200,000, subject to certain deductions. The Company is also donating the value of minerals and aggregates. The agreement of sale is subject to certain contingencies including satisfactory completion of the buyer's inspection period, review of the appraisal, federal government funding and additional government approvals. The contract expires if not completed before September 21, 2010. The Company's book value of the property is $222,000. If the sale closes, the Company may use the proceeds in a 1031 exchange for the purchase of real estate.
The Company, through its CFO, John D. Milton, Jr., will be presenting at BB&T Transportation Services Conference on Thursday, February 11, 2010 at 1:55 p.m. EST. In its presentation the Company will review its business segments and financial performance. Wall Street Webcasting will be webcasting the live audio of the Company's presentation. Interested parties may listen to the presentation with appropriate audio hardware and software by accessing the Internet at http://www.wsw.com/webcast/bbt17/patr/ a few minutes prior to the scheduled time for the presentation. The presentation may also be accessed via the Company's website at http://www.patriottrans.com by clicking on Investor Relations – BB&T Conference February 2010. Wall Street Webcasting will record the presentation and provide website access to it in audio form for ninety (90) days following the interview
Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include general economic conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum product and levels of construction activity in the Company's markets; fuel costs; risk insurance markets; demand for flexible warehouse/office facilities; ability to obtain zoning and entitlements necessary for property development; interest rates; levels of mining activity; pricing; energy costs and technological changes. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.
Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment.SOURCE Patriot Transportation Holding, Inc.