At the continuation of its annual meeting held today in Silver Spring, Maryland, the shareholders of Humphrey Hospitality Trust, Inc. (Nasdaq:HUMP) voted to approve the company`s proposed merger with Supertel Hospitality, Inc. (Nasdaq:SPPR)
During the first portion of their annual meeting, held Monday, September 27, 1999, Humphrey Hospitality shareholders elected six directors and ratified the selection of Reznick Fedder and Silverman as the company`s independent auditors for fiscal year 2000.
The meeting was then adjourned until this morning.
James I. Humphrey, Jr., Chief Executive Officer and President of Humphrey Hospitality, said that shareholders who had submitted their proxies had voted overwhelmingly to approve the proposed Supertel merger.
“Over 72 percent of the company`s shares voted to approve the merger. Approximately 74 percent of the company`s shares voted on the merger, and of the shares that voted over 97% voted to approve the merger,” said Humphrey.
On September 27, 1999, Supertel announced that a majority of its stockholders had voted to approve its proposed merger with Humphrey Hospitality.
The companies are currently in discussions with lenders to obtain financing necessary for completion of the merger. Completion of the merger is expected to occur prior to October 31, 1999.
Certain matters within this press release are discussed using forward-looking language as specified in the 1995 Private Securities Litigation Reform Law, and, if any, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement.
From time to time, these risks are discussed in the Company`s filing with the Securities and Exchange Commission.