DALLAS, Feb. 7, 2002 (PRIMEZONE) -- American Realty Investors, Inc. (NYSE:ARL), Transcontinental Realty Investors, Inc. (NYSE:TCI) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) today announced that the affiliated companies' president, Karl L. Blaha, 54, resigned his positions with the companies. Blaha also resigned as a director of the American Realty Investors board.
In addition, Blaha has resigned as president of Basic Capital Management, Inc., the advisor to American Realty Investors, Transcontinental Realty Investors and Income Opportunity Realty Investors. In resigning, Blaha stated he was leaving to pursue other opportunities in the real estate business.
American Realty Investors and Transcontinental Realty Investors are Dallas-based real estate investment companies that primarily invest in equity interests in real estate through direct ownership and partnerships. Income Opportunity Realty Investors is a Dallas-based real estate investment trust. More information is available at the companies' Web site at www.bcm-inc.com.