Gyrodyne issued the following letter to shareholders from Gary Fitlin, Gyrodyne’s Chief Executive Officer. "As we start the new year, I would like to express my gratitude for your investment in Gyrodyne…Looking ahead into 2023 and beyond, I wanted to take this opportunity to provide some color on our engagement with shareholders as well as specific updates on the business ultimately, we remain on track to position the Company’s properties for sale at enhanced values, distribute the maximum net asset value possible to our shareholders and dissolve. As you may know, some shareholders’ concerns about the Company and our corporate governance were evident at the 2022 Annual Meeting of Shareholders. The entire Board and management team take these concerns very seriously and have been reflecting on the voting results from the meeting. In short order, we embarked on a listening tour and spoke with the vast majority of our major sharehold. We are working hard to enhance property values, liquidate and distribute proceeds and dissolve the Company, which we expect to occur by the end of 2024. We believe that our fortified balance sheet strongly positions Gyrodyne to continue executing on our corporate strategy and we will continue to focus on the pursuit of expedited entitlements and taking the necessary steps to increase the value of our operating properties. ..We are confident the steps we are taking will deliver enhanced value for our shareholders and look forward to communicating further with you in the coming months.
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