| Golf Trust of America, Inc. Announces the Consummation of its Sale of the Wekiva Golf Club
CHARLESTON, SC, August 31, 2004 -- Golf Trust of America, Inc. (AMEX:GTA) announced today that on August 26, 2004 it consummated its sale of Wekiva Golf Club to Wekiva Golf Club, Inc., a Florida corporation, for total consideration of $2.475 million. Wekiva Golf Club is an 18-hole public golf course located in Longwood, Florida.
Golf Trust of America, Inc., formerly a real estate investment trust, 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. After the sale, the Company owns an interest in four properties (8.0 eighteen-hole equivalent golf courses). Additional information regarding Golf Trust of America, Inc. is available in Golf Trust's filings with the Securities and Exchange Commission and on 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 by course buyers, the availability of acquisition financing, interest rates and other risk factors included in the Company's periodic and current reports filed with the Securities and Exchange Commission.
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