Wellsford to Buy Reis, Forgo Liquidation

Wellsford Real Properties Inc., New York, has announced an agreement to acquire Reis Inc., a privately owned real estate information company, for approximately $34.6 million in cash and 4.2 million shares of newly issued Wellsford common stock.If the transaction is completed, Wellsford said it would abandon its previously adopted plan of liquidation but would continue to dispose of its remaining real estate assets through development or sale. Wellsford said it has been an investor in Reis since 1998 and currently holds an approximately 23% stake in the company. The cash portion of the purchase price would be funded by a loan from BMO Capital Markets to Reis and by Wellsford's cash on hand. Wellsford would change its accounting from a liquidation basis to a going-concern basis and change its corporate name to Reis Inc. The company can be found online at http://www.wellsford.com.