NEW ORLEANS, April 13, 2011 /PRNewswire/ -- Orpheum Property, Inc. (OTCQB: PLFF), publicly traded entity specializing in the purchase, development, and management of commercial properties, today announced that Morris Kahn has been appointed its Chief Executive Officer.
In addition, Andrew Reid, Orpheum's prior CEO, will continue as Chairman, and Tyrus C. Young, its Chief Financial Officer, has been appointed a Director of the company.
Morris Kahn, the newly appointed CEO, will be responsible for providing strategic leadership for the company by working with the Board of Directors and the Executive Management Team to establish long-range goals, strategies, plans and policies. Morris joined Orpheum Property, Inc. on April 7, 2011.
Prior to joining Orpheum Mr. Kahn was the Founder and Principle Associate with Morris Kahn & Associates, one of Louisiana's preeminent Tax Benefit Program Administration & Business Development Consulting Firms, since 1982.
Kahn & Associates:
- Has had its finger on the Pulse of the local economic scene.
- Has developed a valuable network within the business & government community.
- Has Built a proven track record of meticulous attention to detail that has resulted in over $400,000,000 in customer generated benefits.
- Has over 1000 Clients in 25 Industries.
- Has consulted on over $1 Billion of development transactions in 20 States
Morris brings with him over 23 years of Business Development Planning & Finance, Real Estate Development Finance, Construction Budgeting & Auditing, and has been instrumental in the Drafting and Support of local Legislative actions relating to Business incentives and Development.
Mr. Kahn received his B.A. in Economics from Tulane University in 1978 and started his career in real estate. He worked as a Real Estate Agent from 1978-1982 when he formed Kahn & Associates, and has worked with Businesses, Individuals, and Non-Profit organizations. Morris has worked on numerous preservation projects, and is very active in community and civic organizations.
Andrew Reid has more than 20 years of corporate finance and management experience. In 2006 Mr. Reid started NOLA Commercial Finance Inc., a commercial finance company. During the past 4 years he has focused on helping small regional Oil & Gas companies with debt and equity funding. He has helped fund in excess of $50 million for various types of income producing properties.
About Orpheum Property, Inc.
Orpheum Property, Inc. (the "Orpheum") specializes in the purchase, development, and management of commercial properties. Orpheum leverages property acquisitions through stock/equity sales, private investment and limited loans commitments. The company will leverage its experience in real estate, finance, and accounting to execute its business plan. Orpheum will benefit from a limited overhead and in its initial stages the company can run with minimal capital outflow. Concentration will be to purchase income-producing properties with good existing management and favorable occupancy rates. The company's focus for development projects will be with commercial properties that qualify for subsidization through tax credits and other government incentives. Initially these efforts are focused on properties affected by the 2006 Hurricane Katrina, but will not be limited to that geographical area.
Orpheum's mission is to purchase and develop quality commercial properties for both income producing opportunities and for resale, thereby providing investment growth for our shareholders and investors. For more information go to: www.orpheumpropertyinc.com
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
SOURCE Orpheum Property, Inc.