DALLAS, Dec. 18, 2001 (PRIMEZONE) -- Income Opportunity Realty Investors, Inc. (AMEX:IOT) and Transcontinental Realty Investors, Inc. (NYSE:TCI) announced Tuesday that Henry A. Butler, 51, was appointed Dec. 17, 2001, to serve as a director on the companies' joint board until the next annual meeting of shareholders in 2002.
A broker specializing in the major U.S. markets, Henry Butler has 25 years experience in commercial real estate. Since 1992, Butler has served at Basic Capital Management, Inc., advisor to TCI and IOT, in BCM's land sales group, where he has directed a number of important re-zoning projects in Dallas and other large commercial real estate markets. Prior to BCM, Butler led his own real estate firm with commercial holdings in the southeast, and was an acquisition specialist and shopping center developer for real estate companies nationwide.
With the addition of Butler, the IOT/TCI board currently has three members, including Ted P. Stokely, chairman, and Martin L. White, both independent directors. Two directors, Edward G. Zampa and R. Douglas Leonhard, resigned the board effective Dec. 14, 2001.
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. Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, invests in real estate through direct equity ownership and partnerships nationwide.