LYNCHBURG, Va., May 18, 2017 /PRNewswire/ -- Sitestar Corporation (OTCQB: SYTE) today announced an agreement between Sitestar's Asset Management subsidiary, Willow Oak Asset Management, LLC, and the General Partner of Bridge Reid Fund I, LP to provide Bridge Reid with fund advisory services. Bridge Reid will continue to be managed by its General Partner members, Michael Bridge and Nathan Reid.
"We are thrilled to partner with Mike and Nathan. I have held both of them in high regard since first meeting them at the Berkshire Hathaway annual meeting in 2011. Bridge Reid fits perfectly with our Asset Management Operations since Mike and Nathan share our investor friendly approach, and our passion and belief in value investing as a superior long-term investing approach. We look forward to working with them to build Bridge Reid for long-term success," said Steven Kiel, Sitestar's CEO.
"Nathan and I are extremely excited to partner with Sitestar. Since becoming a portfolio manager in 2012, Steve has compiled a remarkably successful investment track record. We have also been impressed watching Steve and his team build a value investing-oriented asset management platform at Sitestar through its Willow Oak subsidiary. We look forward to Bridge Reid benefitting from Steve's knowledge and perspective, and being associated with a growing, institutional asset management business," said Michael Bridge, Bridge Reid's Co-Managing Member.
Sitestar Corporation and its subsidiaries engage in several diverse business activities in the following industries: HVAC and plumbing, internet, real estate, and asset management. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers.
About Bridge Reid
Bridge Reid Funds, I, LP is a private hedge fund for accredited investors that utilizes value-oriented investment principles. The goal of Bridge Reid is to compound funds at a better than average rate over the long term.
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. Copies of Sitestar's press releases and additional information about Sitestar are available at www.sitestar.com.
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SOURCE Sitestar Corporation