EXHIBIT 99.1
Published on May 25, 2007
Tanger
Factory Outlet Centers,
Inc.
News
Release
For
Release: IMMEDIATE
RELEASE
Contact: Frank
C. Marchisello, Jr.
(336)
834-6834
Tanger
Announces Adjournment of Annual Shareholders Meeting to May 30,
2007
Greensboro,
NC, May 25, 2007, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced
today
that the Annual Meeting of Shareholders, reconvened today from the meeting
originally held on May 18, 2007, was adjourned to May 30, 2007 at 4:00 pm to
continue the consideration of Proposal #4 to amend the Company’s articles of
incorporation, which in effect would create four new classes of preferred
shares, each class having four million shares with a par value of $.01 per
share. The reconvened meeting will be held on May 30, 2007 at 4:00
p.m. at the Company’s offices, 3200 Northline Avenue, Suite 360, Greensboro,
NC.
With
respect to Proposal #4, management believes it will provide the Company with
greater flexibility in connection with future transactions such as acquisitions
or corporate capital raising purposes. The Company intends to use the additional
classes of preferred shares for capital formation purposes rather than
anti-takeover purposes so that any class of the newly authorized shares will
not
have voting power that exceeds the shares' economic interest in the Company
in
violation of New York Stock Exchange rule 313 for listed companies, and expects
such issuances will be consistent with past issuances by the Company of
preferred shares. Institutional Shareholder Services (ISS) has recommended
that
the Company's shareholders vote FOR this proposal.
Shareholders
as of the close of business on March 29, 2007 are entitled to vote by proxy,
or
in person at the meeting. Questions regarding the voting of shares may be
directed towards the Company's proxy solicitor, Georgeson Inc. at (212)
440-9800.
Shareholders
are advised to read the definitive proxy materials delivered in connection
with
the solicitation of proxies from shareholders of the Company. Copies of the
proxy materials filed by the Company with the Securities and Exchange Commission
may be obtained, free of charge, from the SEC's Web site, www.sec.gov, or the
Company's Web site, www.tangeroutlet.com. These proxy materials may also be
obtained free of charge by contacting the Company's proxy solicitor at the
number provided above.
About
Tanger Factory Outlet Centers
Tanger
Factory Outlet Centers, Inc.(NYSE:SKT), a fully integrated, self-administered
and self-managed publicly traded REIT, presently owns 30 outlet centers in
21
states coast to coast, totaling approximately 8.4 million square feet of gross
leasable area. Tanger also manages for a fee and owns a 50% interest
in two outlet centers containing approximately 667,000 square feet and manages
for a fee two outlet centers totaling approximately 229,000 square
feet. For more information on Tanger Outlet Centers, visit our web
site at www.tangeroutlet.com.
This
document may contain forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements are subject
to risks and uncertainties. Actual results could differ materially
from those projected due to various factors including, but not limited to,
the
risks associated with general economic and local real estate conditions, the
availability and cost of capital, the Company’s ability to lease its properties,
the Company’s inability to collect rent due to the bankruptcy or insolvency of
tenants or otherwise, and competition. For a more detailed discussion
of the factors that affect our operating results, interested parties should
review the Tanger Factory Outlet Centers, Inc. Annual Report on Form 10-K for
the fiscal year ended December 31, 2006.
3200
Northline Avenue, Suite 360 · Greensboro,
NC 27408 · 336-292-3010
·
FAX
336-297-0931