Roberts Realty Investors, Inc. Announces Dr. James M. Goodrich
Rejoins Board of Directors
Company Regains Compliance With Amex Listing Standard
ATLANTA, Nov. 23 /PRNewswire-FirstCall/ -- Roberts Realty Investors, Inc. (AMEX:RPI) announces that a former founding director, Dr. James M. Goodrich,
has been elected today to its board of directors and as the third member of its
audit committee. The election of Dr. Goodrich brings the company back into
compliance with a continued listing standard of the American Stock Exchange
that requires a listed company to have at least three directors on its audit
committee.
Mr. Charles S. Roberts, the company's Chairman of the Board of Directors and
CEO, stated, "Jim is the third largest shareholder, and we are pleased to have
him rejoin our board and audit committee. His business experience and long
history with our company will again be a great asset to us." Mr. Roberts
continued, "We are also pleased that Jim's rejoining our board means that we
have regained compliance with the Amex listing standard well before the
December 31 deadline the Amex gave us." Dr. Goodrich, who previously served as a director from October 1994 to December
2001, is a consulting engineer and private investor. He is a trustee of the
North American Electric Reliability Council, whose mission is to promote the
reliability of the electricity supply for North America. Dr. Goodrich was a
founder and the Executive Vice President of Energy Management Associates, which
provided operations and financial planning software and related consulting
services to the electric and gas utility industries, from 1975 until October
1993. He also served as a member of its board of directors until 1992, when it
was sold to Electronic Data Systems Corporation. Prior to his experience with
Energy Management Associates, Dr. Goodrich served in the United States Navy for
five years as an officer on the staff of Admiral Hyman Rickover, where he was
involved in the technical support of the design and development of nuclear
power plants for the Navy. Dr. Goodrich holds a Ph.D. in Nuclear Engineering,
a master's degree in Engineering-Economic Systems, and a bachelor of arts
degree, all from Stanford University. He also holds a master's degree in
Engineering Science from George Washington University. Dr. Goodrich has
appeared as an expert witness before numerous state public utility commissions,
the Federal Energy Regulatory Commission, federal courts and arbitration
panels. He beneficially owns a total of 281,847 shares of the company's common
stock, or approximately 5.3% of the outstanding shares.
Roberts Realty Investors, Inc. owns and operates multifamily residential and
other properties as a self-administered, self-managed equity real estate
investment trust, or REIT based in Atlanta. DATASOURCE: Roberts Realty Investors, Inc.
CONTACT: Greg M. Burnett, Chief Financial Officer of Roberts Realty Investors, Inc., +1-770-394-6000, or fax, +1-770-551-5914
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