As Heartland Partners Winds Down Operations CFO Resigns and
President to Resign
CHICAGO, Dec. 30 /PRNewswire-FirstCall/ -- Heartland Partners, L.P. (AMEX:HTL)
today reported Daniel Bernardi, the partnership's Chief Financial Officer has
resigned to take a similar position with a Houston, Texas-based homebuilder. Heartland has engaged RSM McGladrey to provide accounting services. Richard
Brandstatter has advised the company that he is resigning as President of CMC
Heartland, a subsidiary of Heartland Partners, effective January 1, 2005. Mr. Brandstatter will be joining Wellington Partners, an Arlington Heights,
Illinois real estate developer. He will continue to serve on CMC's Board of
Managers and will also have a consulting arrangement with the partnership.
"The company does not expect to reassign the positions," said Lawrence Adelson,
chief executive officer. "We continue to wind down operations and have reduced
our number of employees to two." About Heartland Heartland Partners is a Chicago-based real estate partnership with properties
primarily in the upper Midwest United States. CMC Heartland is a subsidiary of
Heartland Partners, L.P. CMC is the successor to the Milwaukee Road Railroad,
founded in 1847.
This news release may contain certain statements that constitute "forward-
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the actual
results, performance or achievement of results to differ materially from any
future results, performance, or achievements expressed or implied by such
forward-looking statements. These factors include, but are not limited to, real
estate market conditions, changing demographic conditions, adverse weather
conditions and natural disasters, delays in construction schedules, cost
overruns, changes in government regulations or requirements, increases in real
estate taxes and other local government fees, access to financing, the
unpredictability of the timing of real estate sales and the cost of land,
materials and labor. DATASOURCE: Heartland Partners, L.P.
CONTACT: Lawrence Adelson, Chief Executive Officer of Heartland Partners, L.P., +1-312-575-0400; Brien Gately of The Investor Relations Co.
for Heartland Partners, L.P., +1-847-296-4200
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