NEW YORK, Dec. 3, 2007 (PRIME NEWSWIRE) -- The Nasdaq Stock Market, Inc. (NASDAQ(r)) (Nasdaq:NDAQ) announced that Reis, Inc. (Nasdaq:REIS), a leader in commercial real estate information services, moved its common stock from the American Stock Exchange to NASDAQ's Global Market. On November 30, Reis began trading under the symbol "REIS."
Reis is the 24th company to switch from the American Stock Exchange to NASDAQ this year.
"NASDAQ is delighted that an innovator like Reis, Inc. has decided to join our family of industry-leading companies," said Bruce Aust, Executive Vice President of NASDAQ's Corporate Client Group. "NASDAQ is pleased to be able to support Reis by providing added visibility and an efficient trading environment for the company."
"We believe NASDAQ offers a superior visibility platform and it is where our investors trade," said Jeffrey H. Lynford, Chairman of Reis. "Our company has been listed on other markets over the past 15 years, but we believe NASDAQ is the best market to support our growth objectives, and it is where we believe our investors will be best served."
About Reis
The Company was formed through a May 2007 merger between Reis, Inc. ("Private Reis") and Wellsford Real Properties, Inc. ("Wellsford"). Reis carries on the businesses of Private Reis and Wellsford.
Private Reis was founded in 1980 as a provider of commercial real estate market information and today is a leader in that field. Reis maintains a proprietary database containing detailed information on commercial real properties in neighborhoods and metropolitan markets throughout the U.S. The database contains information on apartment, retail, office and industrial properties and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. Reis currently provides its information services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.
Reis's flagship product is Reis SE, which provides online access to information and analytical tools designed to facilitate both debt and equity transactions. In addition to trend and forecast analysis at neighborhood and metropolitan levels, the product offers detailed building-specific information such as rents, vacancy rate and lease terms, property sale information, new construction listings and property valuation estimates.
Reis SE is designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers and builders, banks and non-bank lenders, and equity investors, all of whom require access to information on both the performance and pricing of assets, including detailed data on market transactions, supply and absorption. This information is critical to all aspects of valuing assets and financing their acquisition, development, and construction.
For more information regarding Reis's products and services, visit www.reis.com.
Prior to the merger, Wellsford was a public company operating as a real estate merchant banking firm which acquired, developed, financed and operated real properties and invested in private and public real estate companies. The Company's primary operating activities immediately prior to the merger were the development, construction and sale of three residential projects and its approximate 23% ownership interest in Private Reis. The Company continues to develop, construct and sell these three existing residential projects.
About NASDAQ
The Nasdaq Stock Market, Inc. is the largest U.S. electronic stock market. With approximately 3,100 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
Neither The Nasdaq Stock Market, Inc. nor any of its affiliates (collectively "NASDAQ") makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Investors should undertake their own due diligence and carefully evaluate companies before investing.
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