DALLAS, June 15, 2000 (PRIMEZONE) -- Income Opportunity Realty Investors, Inc. (AMEX:IOT) Thursday announced that Gene Phillips and Cal Rossi have stepped aside from day-to-day responsibilities with Basic Capital Management, Inc., the advisor to the company, as a result of action announced Wednesday by the U.S. Attorney's office in New York City. Income Opportunity Realty Trust will continue to operate business as usual.
There have been no allegations of wrongdoing on the part of Income Opportunity Realty Investors, Inc. The company does not condone any type of illegal or fraudulent activity. Neither Mr. Phillips nor Mr. Rossi holds a position as officer or director of Income Opportunity Realty Trust.
Income Opportunity Realty Investors, Inc. is a Dallas-based real estate investment trust. IOT primarily invests in equity interest in real estate through direct ownership and partnerships. For more information, go to the company's Web site at www.incomeopp-realty.com.