HOUSTON, May 16, 2024
/PRNewswire/ -- Silver Star Properties REIT, Inc. ("Silver
Star" or the "Company") is a self-managed real estate investment
trust that is currently repositioning in an orderly manner into the
self-storage asset class. The Company announced today that
Mr. Alex Board has been unanimously
appointed and approved by the Executive Committee of Silver Star
(the "EC") to be the Principal Accounting Officer and Deputy Chief
Financial Officer of Silver Star. Mr. Board's direct report will be
to Gerald Haddock as Chief Executive
Officer and Executive Chairman of the Board of Directors of the
Company. In addition, he will continue to have direct
responsibility to the Company's audit committee. "I am excited to
step into the new role and continue executing the Company's
strategic initiatives," said Mr. Board. "I look forward to working
closely with the EC and building on the Company's progress towards
its long-term objectives." Mr. Board has served as a Controller of
the Company since 2021. He will continue as Controller and will
also be responsible for the preparation of the financials relating
to a 100% subsidiary of the Company, Southern Star Self Storage
Investment Company ("Southern Star"). In conjunction with the
Company's deeper examination of the current operations of Southern
Star, Mr. Board has been assigned oversight of the financials of
Southern Star.
Furthermore, in connection with streamlining the Company's
reporting, Lou Fox has been directed
to focus all of his time to the matters at hand with Silver Star.
Previously, Southern Star has been operated autonomously and that
will generally be continued, but supplemented with oversight by
Silver Star, together with Mr. Board's new oversight and direct
responsibility for the financial reporting as previously
stated.
With new management now in place, the initial focus for Southern
Star turnaround efforts includes a focused reduction in tenant
delinquencies to enhance revenue and create more leasable
spaces. Management will implement a programmatic approach to
engagement with community influencers and organizations, including
homebuilders, civic clubs, chambers of commerce, political
contacts, and others to increase customer acquisition opportunities
and enhance market penetration, with an emphasis on a strong
ongoing community touch at each location. Facilities will be
cleaned and maintained at a high level and security measures will
be enhanced where necessary. All locations will promote this
change with a banner announcing, "Under New Management." Mr.
Wheeler has implemented a strong messaging program to all operators
and has replaced two employees at the top. According to Mr.
Wheeler, "I am confident that we can bring additional focus that
will substantially enhance operational execution at Southern Star,
thereby ensuring that we have compliance and a successful
turnaround as directed by the EC."
Contact:
Investor and Media Relations
press@silverstarreit.com
1-877-734-8876
Forward-Looking Statements: This press
release contains certain forward-looking statements. Because such
statements include risks, uncertainties, and contingencies, actual
results may differ materially from those expressed or implied by
such forward-looking statements, and you should not place undue
reliance on any such statements. Several important factors could
cause actual results to differ materially from the forward-looking
statements contained in this material. Forward-looking statements
in this press release speak only as of the date on which such
statements were made, and the company undertakes no obligation to
update any such statements that may become untrue because of
subsequent events. Such forward-looking statements are subject to
the safe harbor protection for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995.
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SOURCE Silver Star Properties REIT, Inc.