LYNCHBURG, VA -- (Marketwired) -- 11/06/13 -- Sitestar Corporation (OTCBB: SYTE), a company that invests in real estate and operates various technology related businesses, announced the accepted resignation of a board member and the appointment of a new director.
As of October 21, 2013, Sitestar's Board of Directors accepted the resignation of Julia Erhartic as a member of the board and secretary of the company.
The board nominated and ratified Jeffrey Moore to serve as director of the Company effective immediately.
"Mr. Moore represents over seven percent of the company's stock and and is the largest shareholder outside of management," said Mr. Erhartic. "Additionally, Jeff has knowledge and experience in real estate and other investments. He will assist the company in the investigation and implementation of various strategies to increase the intrinsic value of Sitestar. We welcome him to the board."
Jeffrey Moore is a landlord and value investor focused on real estate and common stocks. He is a founder and Presiding Partner M & M Investments, a family investment partnership that invests in value micro-cap securities. Previously, Mr. Moore served multiple terms on the board of a 209 unit homeowner's association which was responsible for all exterior maintenance of the townhomes in the neighborhood. He presently serves on the board and as the secretary of a neighborhood association in Lexington, KY. Mr. Moore has earned a B.A. of General Studies at Eastern Kentucky University.
Mr. Moore noted, "After several trips to Roanoke to look at the company's real estate holdings with Frank and Dan, I am excited to be working with and serving on Sitestar's Board." Furthermore, the company will be updating its Investor Relations page and encourages shareholders to communicate with the company via the email@example.com email address.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission.
Sitestar invests in real estate and is an Internet Service Provider (ISP). The real estate division invests in, refurbishes, and markets real estate for resale and rental. Sitestar offers consumer and business-grade Internet access, wholesale managed modem services for downstream ISPs and Web hosting. The company provides services to customers throughout the U.S. and Canada.
Frank R. Erhartic, Jr.
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