DALLAS, June 14, 2000 (PRIMEZONE) -- "We are shocked and surprised by the events that have taken place today. Mr. Phillips is out of the country on a family vacation and Mr. Rossi is out of the country on business. Both parties have been notified about the indictments and they have both volunteered to step aside from day-to-day responsibilities at the company until this issue is resolved. Mr. Phillips and Mr. Rossi are expected to return to Dallas within the next few days. We have a long and reputable history as advisers to major institutions and do not condone any type of illegal or fraudulent activity.
About Basic Capital Management: With a $2.5 billion portfolio under management, Basic Capital Management Inc. (BCM) is one of the largest real estate management firms in the country. Based in Dallas, Texas, BCM is a privately owned advisory company to four publicly traded real estate entities -- American Realty Trust, Inc (NYSE:ARB); Income Opportunity Realty Investors, Inc. (AMEX:IOT); National Realty, L.P. (AMEX:NLP) and Transcontinental Realty Investors, Inc. (NYSE:TCI).
BCM provides management expertise to "undervalued" or "under-performing" properties that meet its exacting requirements and maximizes its managed companies' shareholder investments through value-added services, property improvements and proven management techniques.