NEW YORK, March 16, 2010 (GLOBE NEWSWIRE) -- Excellency Investment Realty Trust (OTCBB:EIVR) recently named Gorica Adduci as its new CEO, taking over for former CEO Dave Mladen who remains on board as a consultant during the transition.
"In this economy, our business is ripe for growth and no one is more qualified to help us achieve that than Ms. Adduci," Mladen commented. "Her experience, commitment, leadership skills and vision make her perfectly and uniquely qualified to successfully grow this company. We are thrilled to have her take the reins and we see this transition as an important step in our goal to become a recognized and respected leader in the acquisition and management of properties here in the tri-state area."
Ms. Adduci brings with her what she calls "a lifetime of real estate acquisition and management training" as she steps into her position as CEO. "I've been immersed in this business for as long as I can remember," Ms. Adduci remarked. "Our family business owned and managed over 2,000 apartments since 1991. I look forward to continuing and expanding our long-standing tradition of success and profitability."
Ms. Adduci commented further, "Recent changes in the economy have created some exciting opportunities and we feel that we are in an excellent and unique position to capitalize them. This is a very exciting time."
About Excellency Realty Investment Trust, Inc.
Excellency Realty Investment Trust, Inc. (OTCBB:EIVR) is in the business of acquiring and managing properties with high income-producing capacity. The company's efforts are currently focused on properties in the Northeast Region of the U.S. Excellency seeks properties in good locations that are under-performing due to cosmetic obsolescence, management failures and/or a lack of capital. The company currently owns and manages 8 buildings containing 272 apartments in the greater Hartford, CT area and maintains a 95% occupancy rate resulting in over $1.85 million in revenue in 2009, a 5% increase over 2008.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.