EXHIBIT 99.1
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[ ] THE [ ] For: Heartland Partners, L.P.
INVESTORS 000 X. Xxxxxxxxx Xxxxx, Xxxxx 000
XXXXXXXXX Xxxxxxx, XX 00000
[ ] COMPANY [ ] 000-000-0000
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NEWS RELEASE
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The Investor Relations Company serves as investor
relations counsel to this company, is acting on
the company's behalf in issuing this news release
and receiving compensation therefor. The
information contained herein is furnished for
information purposes only and is not to be
construed as an offer to buy or sell securities
For further Information: ------------------------------------------------------
AT HEARTLAND PARTNERS, L.P.: AT THE INVESTOR RELATIONS CO.:
Xxxxxxxx Xxxxxxx Xxxxx Xxxxxx
Chief Executive Officer (000) 000-0000
(000) 000-0000
AS HEARTLAND PARTNERS WINDS DOWN OPERATIONS
CFO RESIGNS AND PRESIDENT TO RESIGN
CHICAGO, DECEMBER 30, 2004-- Heartland Partners, L.P. (AMEX: HTL) today reported
Xxxxxx Xxxxxxxx, 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. Xxxxxxx Xxxxxxxxxxxx has
advised the company that he is resigning as President of CMC Heartland, a
subsidiary of Heartland Partners, effective January 1, 2005. Xx. Xxxxxxxxxxxx
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 Xxxxxxxx Xxxxxxx,
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.
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