WATERSOUND, Fla.--(BUSINESS WIRE)--The St. Joe Company (NYSE:JOE) today issued the following statement:
“Fairholme’s statements and actions surrounding the resignation of its representatives from the Board of The St. Joe Company, after having served for only six weeks and while the St. Joe Governance and Nominating Committee was reviewing their proposed nominees, are not in the best interest of all St. Joe shareholders. While on the Board, Fairholme’s representatives had advised the Company that they substantially agreed with the business plan and approved the exploration of strategic alternatives.
The St. Joe Board has always been committed to strong corporate governance, to protecting shareholders' interests and to creating superior results for the long-term. On February 8, 2011 we announced that our Board has retained Morgan Stanley & Co. Incorporated to serve as financial advisor as we explore a wide range of options to enhance shareholder value. While there can be no assurance that any changes or transaction will result from this process, we believe it is an important step for the Company."
About St. Joe
The St. Joe Company, a publicly held company currently based in WaterSound, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. St. Joe is primarily engaged in real estate development and sales, with significant interests in timber. More information about the Company can be found on its website at www.joe.com.
Statements in this press release that are not historical facts are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our beliefs, plans, goals, expectations and intentions. Forward-looking statements involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized. Such statements are based on our current expectations and we undertake no obligation to publicly update or reissue any forward-looking statements. Risk factors that may cause the actual results to differ are described in this press release and in various documents we have filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009, and our Quarterly Reports on Form 10-Q.
(c) 2010, The St. Joe Company. "St. Joe", and the "Taking Flight" design are service marks of The St. Joe Company.