DALLAS, March 12, 2002 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) announced Tuesday that the companies' joint board has appointed Earl D. Cecil, 72, as a director and Audit Committee member on March 11, 2002, to serve until the 2002 Annual Meeting of Shareholders.
With the appointment, the TCI/IORI board's membership stands at four, three of which are independent directors.
A financial and business consultant, Earl Cecil's expertise lies in the development, marketing and sales management of real estate, including luxury resorts, hotels and high rise condominiums. He also has additional experience in marketing insurance and securities related products from service as a division vice president at James Mitchell & Company, a financial services organization that specializes in developing programs for banks and savings institutions. Cecil serves on the board of American Realty Investors, Inc. (NYSE:ARL), an affiliate of TCI and IORI. Now retired, Cecil resides in La Jolla, California.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, invests in real estate through direct equity ownership and partnerships nationwide. Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust. IOT invests in equity interest in real estate through direct ownership and partnerships.