HOUSTON, Aug. 6, 2007 (PRIME NEWSWIRE) -- In recognition of outstanding service to the company, Whitestone REIT, which owns and manages 36 commercial properties in Texas, announced today that eight members of the management team have been given new titles.
These include: Valarie King, formerly vice president of property management, is now senior vice president of property management; David K. Holeman, who was chief financial officer, is now vice president/CFO; Samuel Demissie, who was director of acquisitions/asset management, is now vice president of acquisitions and asset management; Richard A. Vaughan, formerly director of marketing and investor relations, is now vice president of marketing and investor relations; Theodore R. Zeck, CPA, who was director of information systems, is now vice president of information systems; Priscilla Gonzalez, formerly the office manager, is now administration officer/office manager; J.R. O'Brien, formerly attorney, is now senior counsel; and Roger Nasiff, formerly construction manager, is now vice president of construction.
Chairman and CEO Jim Mastandrea said, "In the past year, Whitestone REIT has made significant progress in executing its strategic business plan and much of the credit is attributable to the hard work and dedication of these outstanding executives. They have continually placed the shareholders' interest before their personal interests and have been unceasing in their efforts. We are pleased to acknowledge their hard work, creative problem solving abilities and leadership skills by according them titles congruent with their contributions to the company's advancement."
Whitestone REIT's strategic plan provides for profitable growth by making investments in attractive commercial properties outside of Texas in cities with exceptional demographics in order to diversify market risk; selling assets that have little or no growth potential; adding value to currently owned properties that have upside potential through capital improvements; and raising additional equity in the capital markets.
ABOUT WHITESTONE REIT
Whitestone REIT owns and operates retail, office and office warehouse properties, 33 of which are in the Houston area, two office buildings in Dallas, and a retail plaza in San Antonio. For more information go to http://www.whitestonereit.com
Forward-Looking Statement:
This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties.