JACKSONVILLE, Fla.,
Dec. 21, 2010 /PRNewswire-FirstCall/
-- Patriot Transportation Holding, Inc. (Nasdaq: PATR) announced
today that the sale of the Company's Caroline County, Virginia property closed on
December 17, 2010, in accordance with
the previously disclosed contract. The company is working to
complete an appraisal of the value of mineral deposits donated in
order that it may determine the after-tax effect of the
transaction. This transaction completes the reverse 1031
transaction involving the purchase of the Hollander property in
October.
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 Florida Rock & Tank Lines, Inc. which 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.