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BRE Distributes Velocity Shares

SAN FRANCISCO- The division formed to provide Internet-related services to the multifamily industry is now a separately traded public company

By Brian K. Miller | Updated on August 21, 2000

BRE Properties Inc. has given birth to a Nasdaq baby.

BRE (NYSE:BRE) said this morning it has distributed to its shareholders a majority interest in VelocityHSI, now a separate company trading on the Nasdaq Over The Counter Bulletin Board under the symbol VHSI.

The distribution occurred at a rate of one share of common stock of VHSI for every five shares of common stock of BRE. The distribution has no impact on the number of outstanding shares of BRE, and will not change the number of shares of BRE common stock held by any BRE shareholder.

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