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MINNEAPOLIS-Stonehaven Realty Trust, a real estate and technology company, says its board of directors has authorized management to repurchase its common and preferred stock. After selling its main technology business, its SmartCabinet software and related assets to Stellent for $6 million in stock, the company is focusing on selling off its inventory of that software and maximizing returns on its two-year royalty and referral agreement from Stellent.

Meanwhile, the Company now owns four commercial properties, totaling 129,000 sf, which are, on average, 83% occupied. The company is focused on leasing the current vacant space and is evaluating opportunities to expand the existing operations.

Repurchases of the stock, which has declined in price from $2.87 a share to its close Monday at $0.41 a share, will occur periodically on the open market at prevailing market prices, or in negotiated transactions off the market. The repurchases are expected to continue through the end of the calendar year.

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