MONTVALE, N.J., Feb. 19, 2013 /PRNewswire/ -- Beneficial
Holdings Inc. (OTCPK: BFHJ) today announced that its real estate
services subsidiary, BFHJ Project Solutions, LLC, commenced
operations and reported the addition of two members to the
Company's management team.
"Project Solutions is a consolidation of certain third-party
real estate services operations controlled by its management and
associated parties," according to Gregory
N. Senkevitch, Beneficial's Chairman, President and Chief
Executive Officer.
Project Solutions is engaged in real estate development, asset
management, construction management, leasing and property
management. Project Solutions is the co-developer of a
35-story, $200 million "for
sale" condominium project on Manhattan's Upper East Side and the developer
of a 260,000 square foot, $100
million medical office building in the Philadelphia region (which is expected to
commence construction in the fourth quarter of 2013). The
subsidiary is also the asset manager of several operating
properties and is performing site selection and development
services for a foreign automotive company in the Northeast U.S.
market. These business relationships were contributed to the
Company for no initial consideration by certain affiliates of the
Company's management.
John Johnson will join the
company as President-Real Estate Services Group. Johnson has
more than 30 years experience in the real estate industry,
concentrating on commercial and residential development, management
and brokerage. Previously, he was an Executive Managing Director of
Whiteweld Barrister & Brown; where, among other projects, he
was responsible for the development of a two million square foot
mixed use project in Fort Lee,
NJ. He also served as a Managing Director at Newmark, Knight
Frank; Senior Vice President of Alexander
Summer and as Vice President-Development of Jos. L.
Muscarelle Construction.
The Company also announced that it has appointed Joseph Fitzgerald as Executive
Vice President and Chief Financial Officer effective
April 1, 2013. Fitzgerald has
more than 30 years experience in managing growth-oriented,
multi-line service enterprises. He is a Certified Public
Accountant and has held chief financial officer and chief operating
officer positions at several privately-held companies engaged in
medical imaging, equipment leasing, staffing, real estate
development and manufacturing. Fitzgerald also served as a
Senior Audit Manager at Ernst & Young.
In making the announcements, Senkevitch stated: "We have
completed our house cleaning and are now commencing our core
business. The addition of these business lines lays the
foundation of a nimble, proactive, services-oriented business
concentrated in the real estate, financial services and energy
management sectors. By focusing on these sectors, we hope to
take advantage of the cumulative business experiences and contacts
of our management team and their long time associates.
"Johnson and Fitzgerald are the foundations of a management team
that we plan to build to optimize these opportunities. As we
strive to add to our portfolio of businesses and services we hope
to harvest the collective market knowledge of our management team
in order to create value for our Company," Senkevitch pointed
out.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings,
Inc. is a holding company seeking to acquire and invest in
operating service-oriented businesses in the real estate, financial
services and energy management sectors.
For more information on the Company please visit our web site at
www.beneficial-holdings.net .
FORWARD-LOOKING STATEMENTS
This news release may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. As a general matter, forward-looking
statements reflect our current expectations and projections
relating to our financial condition, results of operations, plans,
objectives, future performance and business. These statements may
be identified by the use of forward-looking terminology such as
"may", "will", "expects", "plans", "estimates", "anticipates",
"projects", "intends", "believes", "outlook" and similar
expressions.
The forward-looking statements contained in this news release
are based upon our historical performance, current plans,
estimates, expectations and other factors we believe are
appropriate under the circumstances. The inclusion of this
forward-looking information is inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events
and actual results, financial and otherwise, may differ materially
from the results discussed in the forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: our business and investment strategy; our
projected operating results; estimates relating to our ability to
make distributions to our stockholders in the future and economic
trends and economic recoveries.
All information in this release is as of February 19, 2013. The Company does not
undertake a duty to update forward-looking statements, including
its projected operating results. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company
may, in its discretion, provide information in future public
announcements regarding its outlook that may be of interest to the
investment community.
CONTACT:
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
greg@gregmcandrews.com
SOURCE Beneficial Holdings Inc.
