BETHESDA, Md., July 25, 2008 (PRIME NEWSWIRE) -- CoStar Group, Inc. (Nasdaq:CSGP), the number one provider of information/marketing services to the commercial real estate industry, today announced the appointment of Michael J. Glosserman by the Board of Directors to serve on CoStar's Audit Committee. As previously announced, Glosserman was elected to the Board of Directors at CoStar Group's 2008 Annual Stockholders Meeting held on June 10.
Glosserman, 62, is a Managing Member of The JBG Companies, an active investor, owner and developer of commercial and residential real estate throughout the Washington, DC metropolitan area. He joined The JBG Companies in 1979 and has more than 35 years of experience in various aspects of real estate investment, development and ownership.
He joins Warren H. Haber, Chairman and CEO of Founders Equity Inc., and Josiah O. Low, III, venture partner with Catterton Partners IV LP, on the Audit Committee, filling the seat on the Audit Committee that was left vacant when Catherine Reynolds elected not to seek reelection to the Board at CoStar Group's 2008 Annual Stockholders Meeting.
As a result of the appointment, the company is in compliance with Nasdaq Marketplace Rule 4350(d)(2), which requires an issuer's audit committee to consist of at least three members, each of whom must meet certain requirements. On July 21, 2008, as required by Nasdaq Marketplace Rule 4350(d)(4), the company notified Nasdaq that, due to Reynolds departure, the company had only two members on its audit committee for a short period of time. On July 22, 2008, the company received a letter from Nasdaq noting the short period of time during which the company did not have three members on its audit committee as required by Rule 4350(d)(2) and confirming that the company is now in compliance with that Rule.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information/marketing services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,300 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2007 and CoStar's Form 10-Q for the quarter ended June 30, 2008, under the heading "Risk Factors." All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
CONTACT: CoStar Group, Inc. Investors & Financial Analysts: Brian J. Radecki, Chief Financial Officer (301) 664-9132 email@example.com Media: Timothy J. Trainor, Communications Director (301) 280-7695 firstname.lastname@example.org