DALLAS, July 11, 2000 (PRIMEZONE) -- Basic Capital Management, Inc. ("BCM") announced Wednesday that Gene E. Phillips and former officer, A. Cal Rossi, Jr., have agreed to assist the company on issues or projects as requested by BCM's management. Neither individual will serve as an officer or director of BCM or any its affiliates.
Phillips and Rossi entered pleas of not guilty on June 26, 2000, to charges contained in an indictment returned last month alleging various offenses. Both men have vigorously denied all charges against them. Neither BCM nor its affiliates have been charged with any criminal activity of any kind whatsoever.
Basic Capital Management, Inc. is a Dallas-based real estate 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). For more information on the company and its affiliates, go to the web site at www.bcm-inc.com.