Exhibit 99.1

MEREDITH ENTERPRISES DECLARES FIRST QUARTER
DIVIDEND OF $0.20 PER SHARE

MENLO PARK, May 16, 2005 
Meredith Enterprises, Inc., (AMEX: MPQ) today reported that its board of directors
approved a dividend of $0.20 per share on its common stock for the quarter ended March 31,
2005. The dividend is $0.05 less than the prior quarters dividend. The dividend will
be payable on June 8, 2005 to stockholders of record as of May 27, 2005.

During the first quarter of 2005, the
total of dividends paid at the prior quarterly dividend rate of $0.25 per share and
scheduled principal amortization on notes payable exceeded the companys net cash
provided by operating activities. To address this shortfall, the company used existing
cash balances. The companys board of directors has now determined that because the
companys cash flow is unlikely to improve in the near term, a reduced dividend is
prudent and appropriate. Future dividends, if any, will be declared and paid in the sole
discretion of the board of directors.

The company sold its Riverside
property on May 9, 2005 for a gross sales price of approximately $2,300,000, and the
companys total cost for the property was approximately $3,900,000. After accumulated
depreciation of approximately $600,000 and write-downs to fair market value of
approximately $1,600,000, the company recognized a gain of approximately $600,000 and
received proceeds of approximately $1,129,000.

The company noted further that it
cannot assure investors that it will maintain the dividend level due to the following
factors, among others:

| | o | The sole tenant of its Ontario property remains in bankruptcy proceedings, although it is
current in its rental payments;
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| | o | The single tenant lease on the companys Tustin property expires on September 30,
2005, and we cannot assure investors that we will be able to renew this lease or rent all
or any the space to new tenants at acceptable rents. The Tustin property accounted for
approximately 10% of our rental revenue including discontinued operations in the first
quarter of 2005;
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| | o | Several other significant leases within our overall portfolio have expired or will expire
later in 2005, and we cannot assure investors that we will be able to renew those leases
or rent the space to new tenants at acceptable rents;
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| | o | The 717 and 721 West Del Paso properties were largely vacant for the entire first quarter;
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| | o | The tenant in our Riverside property did not pay base rent and other amounts due under
the lease during the first quarter of 2005; and
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| | o | The occupancy rate at the Northlake Festival property, which accounts for approximately
50% of the companys revenues, dropped from 97.6% March 31, 2004 to 88.8% at March
31, 2005, due largely to the expiration of the AMC Theater lease on May 31, 2004.
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This release contains forward-looking
statements within the meaning of the securities laws that are based on current
expectations, assumptions, estimates, and projections about Meredith Enterprises, Inc. and
its business. These forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties  many of which are outside of the
companys control  that may cause actual results to differ materially from
those expressed or implied by forward-looking statements. These risks and uncertainties
include whether the company can maintain its dividend, renew its leases with existing
tenants, collect amounts due under existing leases, or lease vacant space to new tenants
at acceptable rates. For a description of these and other risks that may affect the
companys performance, please see the sections in its most recent Annual Report on
Form 10-KSB entitled Managements Discussion and Analysis of Financial
Condition and Results of Operations  Significant Recent Events and
 Risk Factors that May Affect Future Results.

Contact: Meredith Enterprises, Inc.
Allen Meredith (650) 233-7140