General

Excal Enterprises, Inc., a Delaware corporation (the "Company"), was formed in July 1986. In June 1995, the Company changed its name from Assix International, Inc. The Company was engaged in two distinct business operations. The Company owns, leases, and manages a two story warehouse and office facility containing approximately 1,666,000 square feet of rentable space located on approximately 74 acres in an industrial park in Duval County, Florida. This property was acquired from Sears as part of the settlement agreement regarding termination of the licensed agent agreement between the Company and Sears in February 1994. The commercial real estate operation was...