| Golf Trust of America, Inc. Announces Sale of Mystic Creek Golf Course
CHARLESTON, SC, April 22, 2003 - Golf Trust of America, Inc. (AMEX:GTA) announced today that on April 17, 2003 it closed on the sale of Mystic Creek Golf Course for total consideration of $3.5 million to Mystic Creek Acquisition, LLC, a Michigan limited liability company. Mystic Creek Golf Course has 1.5 golf courses (27-holes of golf) and is located in Dearborn, Michigan.
Golf Trust of America, Inc. was formerly a real estate investment trust but is now engaged in the liquidation of its interests in golf courses in the United States pursuant to a plan of liquidation approved by its stockholders. The Company currently owns an interest in six properties (10.0 eighteen-hole equivalent golf courses). Additional information, including an archive of all corporate press releases, is available over the Company's website at www.golftrust.com.
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Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company's SEC reports.
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