American Spectrum Realty, Inc. (AMEX: AQQ) (“the Company”), a real estate investment, management and leasing company headquartered in Houston, Texas, is pleased to announce that it has appointed three new members to its Board of Directors effective October 1, 2012.
American Spectrum takes great responsibility in the recruitment of new Board Members and strives for a diverse range of professional expertise and leadership. The Company is proud to welcome Mr. Patrick D. Barrett, Mr. Stacey F. Speier, and Mr. James L. Hurn as new members to the Board.
Mr. Barrett is a real estate investor owner/operator through his company Capstone Realty Partners, LLC, which he founded in 2002. Mr. Barrett is an experienced real estate executive and principal with more than twenty-five years of expertise in the acquisition and operation of all categories of investment properties. Mr. Barrett was appointed to the Company’s Audit, Compensation and Nominating/Corporate Governance Committees. Mr. Barrett brings real estate acquisition, operations, finance, management and leadership expertise to the Board.
Mr. Speier is currently the owner of Farmers Insurance – Speier Insurance Agency. From 1987 to 1994 Mr. Speier served as chief financial officer for First Realty Reserve, a tax shelter syndicator. As CFO, Mr. Speier was responsible for audit activities, review of financial statements, and monitoring the execution of the Company’s annual financial work plan. Mr. Speier was appointed to the Company’s Audit, Compensation and Nominating/Corporate Governance Committees. Mr. Speier brings accounting, insurance, and financial expertise to the Board.Mr. Hurn is a senior executive and licensed attorney with extensive experience in investment assessment & selection, business valuation, strategic planning, capital structure design/fundraising, corporate finance and operational management. Mr. Hurn currently serves as Senior Counsel at Peissel Law Firm, L.L.P. and has over 36 years of direct investment and management experience with specific experience in raising capital. Mr. Hurn brings corporate financing, executive leadership, and legal expertise to the board.