NEW YORK, April 5, 2010 (GLOBE NEWSWIRE) -- Excellency Investment Realty Trust (OTCBB:EIVR) announced today that it has forged a relationship with Integrated Refugee & Immigrant Services of New Haven, Connecticut. IRIS is an organization that resettles refugees and provides housing and other services to asylees and other immigrants. The organization is funded by multiple sources including the US Department of State, the US Department of Health and Human Services, the CT Department of Social Services and the CT Department of Education.
Excellency currently has long-standing relationships with many such organizations including Catholic Charities Migration and Refugee Services, Chrysalis Center, Shelter Plus, My Sister's Place, Hartford and West Harford Housing Authorities and Mi Casa. According to company officials, these relationships provide Excellency with an ongoing source of qualified tenants for many of their properties resulting in consistently high occupancy rates, a key factor in achieving higher profitability.
"Relationships with organizations like IRIS have been a part of our strategy for maintaining consistently high occupancy rates for many years now," commented Excellency CEO Gorica Adduci. "It's a win-win situation. These organizations collectively secure housing for thousands of individuals and families each year. They know they can count on us to meet their needs with quick service, fair rental rates and clean, secure, well-maintained properties."
Ms. Adduci credits this strategy and the strength of these relationships to the company's Operations Manager, Vera Mladen. Ms. Mladen has been in the real estate management business for 30 years and has been working with many of these organizations since 1991. Ms. Mladen commented, "I'm very proud of the relationships we've built with these organizations through the years. Certainly, it supports the profitability of our company, but it also supports the community as well, and that's a win for us all."
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 US. 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 Section Securities Act of 1933, of 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.