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Press Release: Janus Hotels and Resorts, Inc.
September 30, 2002
BOCA RATON, FL -- Janus Hotels and Resorts, Inc. (Nasdaq:JAGI), a Florida-based hospitality company, announced
Friday that it has finalized the gain calculation related to the short-term refinancing of four hotel properties
which it owns in the vicinity of Cleveland, Ohio that was previously reported on August 7, 2002.
The Company previously estimated a pre-tax gain of approximately $6,816,000 as a result of this transaction. However,
the Company re-examined the accounting for the refinancing with The Provident Bank and the terms of the settlement
agreement with the original lender, LaSalle National Bank, as Trustee, which provided for the forgiveness of accrued
interest and late fees, net of certain closing and transaction costs, and identified errors, resulting in a recalculated
pre-tax gain of approximately $5,787,000, which will be reported in the third quarter of 2002. No currently payable
federal taxes result from this transaction as the Company has sufficient net operating losses to offset the gain.
The Company will announce its financial results for the fiscal quarter ending on September 30, 2002 on or prior
to November 14, 2002.
Janus Hotels and Resorts Inc. is engaged in the business of management and ownership of hospitality properties.
The Company currently owns thirteen hotels and manages thirty-eight hotels totaling approximately 9,000 rooms under
its management.
Forward Looking Statements
When used in Janus' press releases and in oral statements made with the approval of an authorized executive officer
of Janus, the words or phrases "expects," "plans," "outlook," will likely result"
or similar expressions (including confirmations by an authorized executive officer of Janus of any such expressions
made by a third party with respect to Janus) are intended to identify forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Janus wishes to caution readers not to place undue reliance
on any such forward-looking statements, each of which speak only as of the date made. Janus has no obligation to
publicly release the results of any revisions which may be made to any forward-looking statements to reflect anticipated
or unanticipated events or circumstances occurring after the date of such statements.
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Contact:
Janus Hotels and Resorts, Inc., Boca Raton
Eric L. Glazer, 561/997-2325
eglazer@janushotels.com
Source: Janus Hotels and Resorts, Inc.