Sunset Financial Appoints George Deehan Chief Executive Officer
04 Ottobre 2005 - 2:00PM
PR Newswire (US)
Company Names Rodney Bennett Chairman of the Board and Charles
Wolcott to its Board of Directors JACKSONVILLE, Fla., Oct. 4
/PRNewswire-FirstCall/ -- Sunset Financial Resources, Inc.
(NYSE:SFO), today announced the appointment of George Deehan, 63,
as its chief executive officer, effective immediately. Recently
named president and chief operating officer of Sunset Financial,
Mr. Deehan will continue to serve as president. Mr. Deehan succeeds
Bert Watson, who resigned. Mr. Watson also resigned from the Board
of Directors. Commenting on the appointment, Mr. Deehan stated, "I
am pleased to expand my role with the Company as CEO. Working
closely with our new Board of Directors, we have taken the
necessary steps to position Sunset Financial for long-term success.
With Byron Boston as Chief Investment Officer, Skip Mullins as Vice
President of Commercial Lending and Stacy Riffe as CFO, we have
solidified our senior management team. I believe the caliber of
individuals we have assembled represents a seasoned, cohesive, and
motivated leadership team, with the expert skill sets to
successfully execute our strategic business plan and maximize
returns for our shareholders." Sunset Financial also announced the
appointments of Rodney Bennett as Chairman of the Board and Charles
Wolcott to its Board of Directors and the audit committee. Mr.
Bennett, 64, a director of Sunset Financial since 2003, replaces
Bert Watson as Chairman. Mr. Wolcott brings to Sunset Financial
more than 28 years experience in real estate investment and REIT
operations. Currently, he is the president and chief executive
officer of Tecon Corporation, a diversified business operator. From
1993 -- 2001, he was the President and Chief Executive Officer of
American Industrial Properties REIT, a NYSE-listed real estate
REIT. From 1984-1992, Mr. Wolcott served in various capacities at
Trammell Crow Company, including president and CEO of Trammell Crow
Asset Services, where he oversaw a $10 billion portfolio of real
estate assets. Mr. Wolcott received his MBA from Harvard Business
School in 1977. Commenting on the recent changes to Sunset's Board
of Directors, Mr. Bennett stated, "Having served on the board since
its inception, I am committed to overseeing the success of Sunset
Financial as its new Chairman of the Board. I am excited Charles
Wolcott has agreed to join our Board and look forward to gaining
valuable access to his many years of operational experience." About
Sunset Financial Resources Sunset Financial Resources, Inc. is a
self-managed real estate investment trust (REIT) that went public
on March 17, 2004. Sunset Financial Resources seeks to deliver
attractive dividend income and steady growth to its shareholders
through the acquisition and management of a portfolio of high
quality residential mortgage loans and well secured commercial
mortgage bridge loans in the United States. Certain statements in
this news release may constitute "forward-looking statements"
within the meaning of the federal securities laws and involve
risks, uncertainties and other factors, which may cause the actual
performance of Sunset Financial Resources, Inc. to be materially
different from the performance expressed or implied by such
statements. These risks include the failure of the Company to
successfully execute its business plan, gain access to additional
financing, the availability of additional loan portfolios for
future acquisition, continued qualification as a REIT, the cost of
capital, as well as the additional risks and uncertainties detailed
in the Company's periodic reports and registration statements filed
with the Securities and Exchange Commission. DATASOURCE: Sunset
Financial Resources, Inc. CONTACT: George Deehan of Sunset
Financial Resources, +1-904-425-4353, ; or Jeffrey Goldberger,
+1-212-896-1249, , or Michael Cimini, +1-212-896-1233, , both of
KCSA Worldwide for Sunset Financial Resources, Inc.
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