DALLAS, Nov. 21, 2001 (PRIMEZONE) -- American Realty Investors, Inc. (NYSE:ARL) announced Wednesday that the company's board has appointed Earl D. Cecil, 72, and Richard W. "Dic" Humphrey, 54, as directors to serve until the 2002 Annual Meeting of Shareholders. With the addition of the two, the board's membership stands at five directors, of which three are independent.
Earl Cecil is a financial and business consultant with expertise in the development, marketing and sales management of real estate, including luxury resorts, hotels and high rise condominiums. Cecil also brings to the ARL board his additional experience in marketing insurance and securities-related products from his service as a division vice president at James Mitchell & Company, a financial services organization that specializes in developing programs for banks and savings institutions. Now retired, Cecil is a resident of La Jolla, Ca.
Richard Humphrey currently serves as a real estate broker for Regis Realty, Inc., and brings to the ARL board some 30 years of brokerage experience in U.S. and European properties. For the past 12 years, Humphrey has been involved in the selection, purchasing and sales of real estate for Basic Capital Management, Inc., American Realty's advisor, ARL and the other two publicly traded affiliates also under BCM advisement. Humphrey is a resident of Dallas.
"The board feels the high level of property management expertise that Earl Cecil and Dic Humphrey bring to American Realty strengthens our abilities to meet the challenges that lie ahead," said Karl Blaha, director and president of ARL.
American Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, hotels, shopping centers, and developed and undeveloped land. The company also has interests in mortgage loans and real estate-related entities. For more information on the company, go to www.amrealtytrust.com.