FRPH FRP Holdings Inc

Patriot Transportation Holding, Inc. Elects New Board Member And Announces Other Corporate Governance Changes JACKSONVILLE, Fla., Jan. 5 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. announced today that Charles E. Commander III has been elected to its Board of Directors. Mr. Commander is a partner in the Jacksonville office of the law firm of Foley & Lardner. For more than 25 years, he has counseled corporate, financial and real estate clients in various business law matters and has been recognized in Best Lawyers in America for practice excellence in real estate law. Mr. Commander also serves as a director of Alliance Capital Partners, Inc., a financial services holding company. Commenting on Mr. Commander's election to the Board, Chairman Edward L. Baker said: "Charles Commander is an outstanding leader and counselor who brings to our Board considerable experience and expertise and sound independent judgment." The Company also announced other changes in its Board to comply with requirements under the Sarbanes-Oxley Act and the recently adopted NASDAQ listing standards. John E. Anderson, David H. deVilliers, Jr. and Francis X. Knott have tendered their resignations from the Board of Directors effective January 1, 2004. Mr. Anderson will continue to serve as President and Chief Executive Officer, and Mr. deVilliers will continue to serve as Vice President of the Company and as President of the Company's Real Estate Group. These changes and the appointment of Mr. Commander assure that the Board has a majority of independent directors as required by the Sarbanes-Oxley Act and NASDAQ. 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 petroleum products and other liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeast, Midwest and Atlantic states, hauling primarily construction materials. The Company's real estate group, through subsidiaries, 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. DATASOURCE: Patriot Transportation Holding, Inc. CONTACT: John E. Anderson, Chief Executive Officer, Patriot Transportation Holding, +1-904-396-5733, ext. 3215

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