DALLAS, June 28, 2000 (PRIMEZONE) -- Transcontinental Realty Investors, Inc. (NYSE:TCI) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) Wednesday jointly announced that Richard W. Douglas and Larry E. Harley have resigned from the board of directors, effective June 15 and June 19, respectively.
Mr. Douglas, 52, and Mr. Harley, 59, resigned citing their inability to devote the time necessary to fulfill the obligations of directors of the two companies. Neither gentleman resigned because of any disagreement on any matter relating to our operations, policies or practices. The board of directors of TCI and IOT will now each consist of five members.
"We will miss their contributions to the board, and wish them well in their professional endeavors," said Ted Stokely, chairman of both trusts.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment trust, invests in real estate through direct equity ownership and partnerships nationwide. The company also invests in mortgage loans, including first, wraparound and junior mortgages. For more information, visit the company's Web site at www.transconrealty-invest.com .
Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust. IOT primarily invests in equity interest in real estate through direct ownership and partnerships. For more information, go to the company's Web site at www.incomeopp-realty.com.