The Company and BHR are no longer subject to the terms and conditions of the MOU or any other formal supervisory actions, restrictions or requirements. Shore was not a party to the MOU.
Douglas J. Glenn, President and Chief Executive Officer of the Company and Chief Executive Officer of BHR, said, "We work every day to ensure that we are building the foundations of an exceptional company, not only for now but for the future. Navigating through our regulatory concerns has been a long and sometimes humbling journey but the resulting improvements in our financial condition and operations have made us much stronger as we move forward to achieve our vision of Making Dreams Come True!"