LAS VEGAS, March 24, 2005 (PRIMEZONE) -- Vestin Group Inc. (Pink Sheets:VSTN) today announced that John Alderfer, chief financial officer, has been elected to its board of directors.
Mr. Alderfer brings more than 30 years of finance and operations knowledge to the Vestin board as well as extensive experience managing public companies. He has served as Senior Vice President, Treasurer and Chief Financial Officer of Alliance Gaming Corporation (NYSE:AGI) and held senior management positions at Summa Corporation and the estate of Howard R. Hughes.
Mr. Alderfer succeeds Lance Bradford who resigned his seat on the board of directors to concentrate his efforts on his own business, L.L. Bradford, a Las Vegas based accounting firm.
Michael Shustek, chairman and chief executive officer said: "We are very gratified that John Alderfer has accepted our offer to join the board, as he brings a wealth of experience to it, as well as a strong knowledge of Vestin's operations. At same time, we are sorry to see Lance Bradford leave the board, as he has been a long tenured Vestin senior manager and board member, but we certainly understand his time constraints and need to manage his accounting firm."
About Vestin Group
Vestin Group, Inc., through its subsidiaries, is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC, Vestin Fund II, LLC, and Vestin Fund III, LLC These Funds have assets in the aggregate of approximately $500 million.