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 .
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.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
SOURCE Beneficial Holdings Inc.