ARLINGTON HEIGHTS, IL— Arlington Hospitality’s new President and CEO, Jerry H. Herman, has purchased 40,000 shares of common stock from the company at $3.16 per share, taking advantage of the stock purchase rights in his employment agreement. According to Herman, the purchase is reflective of his commitment to the future of the company. The shares are restricted securities as defined in Rule 144 under the Securities Act of 1933. Mr. Hermans employment agreement provides for his right through March 8, 2003 to purchase up to 75,000 shares of common stock from the company at prices defined in the agreement. Compensation expense, if any, related to these purchases will be reflected in the companys first quarter 2003 financial statements.
