DESERT CAPITAL REIT, INC.
ANNOUNCES THE APPOINTMENT OF TWO NEW BOARD OF DIRECTORS
HENDERSON, Nev., (September 24, 2007) --- Desert Capital REIT, Inc. announced the appointments of Charles W. Wolcott and Stacy M. Riffe to its Board of Directors, effective August 16, 2007, and September 17, 2007, respectively.
As Board of Directors, Mr. Wolcott and Ms. Riffe will provide strategic decision making and direction for the long-term planning of Desert Capital REIT, which has grown to more than $171 million in outstanding shares since its inception in 2003.
In addition to Mr. Wolcott and Ms. Riffe, the Desert Capital REIT Board of Directors is led by Todd B. Parriott, Chief Executive Officer and Chairman, and includes G. Steven Dawson, Chief Financial Officer and Director, Robert Beville, Director; James L. George, Director; and Tom Gustafson, Director.
“We are fortunate to have such high caliber executives joining the Desert Capital REIT Board of Directors,” said Mr. Parriott. “Our shareholders, employees and the overall industry will benefit greatly from their extensive backgrounds and wide-range of experiences. We count on Charles and Stacy to assist in the growth of Desert Capital by providing insight and guidance for years to come.”
In addition to Director of Desert Capital REIT, Mr. Wolcott serves as President and CEO of Land/Water/Sky, a conservation-focused real estate development company, responsible for strategic leadership, capital raising and financial administration and reporting.
He has more than 27 years of experience in the real estate industry primarily in development, investing and management. His former positions include President and CEO of both Tecon Corporation, specializing in recreational and fractional condominium resort property development, and American Industrial Properties REIT, responsible for the turnaround, management and growth of the NYSE listed real estate investment trust. As an entrepreneur, Mr. Wolcott was a partner in Trammell Crow Ventures, an affiliate of the Trammell Crow Company and CEO of Wolcott Corporation.
Besides Director of Desert Capital REIT, Ms. Riffe serves as Senior Vice President and Chief Compliance Officer of UDR, Inc., a NYSE multi-family real estate investment trust, that is the 4th largest in the United States through managing, buying, selling, developing and redeveloping attractive real estate properties in targeted markets. She also serves as Chief Financial Officer of RE3, a taxable real estate subsidiary of UDR, Inc., which works in symphony with UDR’s growth strategies by focusing on development, redevelopment, land entitlement, and short-term hold investments.
Ms. Riffe has more that 20 years of professional finance experience including five years public accounting, eleven years with publicly traded companies and over four years with private companies. Her financial talents are highly sought after. She was recruited by UDR, Inc. to bring structure, internal control, accounting discipline and leadership to the organization; and previously by Sunset Financial Resources, Inc., a mortgage real estate investment trust, to provide structure, focus and leadership to the company’s finance, accounting and governance areas and to contribute to the strategic review of their company.
About Desert Capital REIT, Inc.
Desert Capital REIT Inc. is a Henderson, Nevada-based real estate investment trust that invests in loans to owners and developers of real estate properties. Formed in December 2003, Desert Capital’s portfolio of mortgage loans consists of acquisition, development and construction for commercial and residential properties throughout the United States. For more information, please call (800) 419-2855 or visit www.desertcapitalreit.com.
Statements included herein that state the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements.
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