Breaking News

Tweet TWEET

Gyrodyne Names New CEO; Continues Strategic Process With Lower Monthly Financial Advisory Fees

    Gyrodyne Names New CEO; Continues Strategic Process With Lower Monthly
                           Financial Advisory Fees

PR Newswire

ST. JAMES, N.Y., Feb. 14, 2013

ST. JAMES, N.Y., Feb. 14, 2013 /PRNewswire/ -- Gyrodyne Company of America,
Inc. (NASDAQ: GYRO) announced today that it has completed its
previously-disclosed Chief Executive Officer search process and has appointed
Frederick C. Braun III as its new President and Chief Executive Officer,
effective February 25, 2013. Mr. Braun is currently the Chairman of the
Brookhaven Industrial Development Agency, a public benefit corporation of the
State of New York that assists in the acquisition, construction,
reconstruction, and equipping of commercial and industrial facilities. He has
served in such capacity for approximately 25 years. From 2000 to September
2009, Mr. Braun served as Executive Vice President of State Bank of Long
Island, a commercial bank subsidiary of State Bancorp, Inc., which was
acquired by Valley National Bancorp effective January 1, 2012.

In connection with the appointment of Mr. Braun as President and Chief
Executive Officer, Gary J. Fitlin, who had been serving as interim President
and Chief Executive Officer since September 2012, resigned from such position,
effective as of February 25, 2013. Mr. Fitlin will continue to serve as the
Company's Chief Financial Officer and Treasurer, a position he has held since
joining the Company in October 2009.

Gyrodyne also announced that it and the Company's financial advisor,
Rothschild Inc., agreed upon a reduced monthly advisory fee for February, an
optional advisory fee for March (in the Company's discretion) and no monthly
advisory fees thereafter. Except as so modified, Gyrodyne's engagement letter
with Rothschild remains in full force and effect and Rothschild continues to
serve as the Company's financial advisor to help the Company and its Board
maximize shareholder value, assist in structuring and evaluating potential
transactions and/or one or more distributions, participate in negotiations
relating to any transaction and solicit and evaluate indications of interest.

Paul Lamb, Chairman of the Board of Gyrodyne, said, "The Board is grateful to
Gary Fitlin for stepping in and serving in the role as Interim President and
CEO while the Board conducted its executive search. We're thrilled to have
Fred Braun as our new CEO, and believe he has the right mix of leadership
skills and experience to lead the Company through its strategic process with
the assistance of Rothschild and our legal advisors at Skadden."

Mr. Fitlin said, "It was my honor to carry the baton on behalf of the
shareholders of Gyrodyne. Along with our long-term COO Peter Pitsiokos, I
welcome Fred Braun as our new CEO. Our seasoned team is further enhanced by
Mr. Braun's presence and together, as a team, we will continue our pursuit to
maximize shareholder value."

There can be no assurance concerning the type, form, structure, nature,
results, timing or terms and conditions of any transaction that may result
from Gyrodyne's strategic process or that a transaction will occur at all.
Gyrodyne does not intend to disclose developments regarding the process unless
and until the Board of Directors has approved a definitive course of action.

About Gyrodyne Company of America, Inc.
Gyrodyne, a real estate investment trust, manages a diversified portfolio of
real estate properties comprising office, industrial and service-oriented
properties primarily in the NewYork metropolitan area. Gyrodyne owns a
68acre site approximately 50miles east of NewYork City on the north shore
of Long Island, which includes industrial and office buildings and undeveloped
property which is the subject of development plans. Gyrodyne also owns
medical office buildings in PortJefferson Station, NewYork, Cortlandt Manor,
NewYork and Fairfax, Virginia. Gyrodyne is also a limited partner in the
Callery Judge Grove, L.P., which owns a 3,700plus acre property in Palm Beach
County, Florida, also the subject of development plans. Gyrodyne's common
stock is traded on the NASDAQ Stock Market under the symbol GYRO. Additional
information about Gyrodyne may be found on its web site at
http://www.gyrodyne.com.

Forward-Looking Statement Safe Harbor
The statements made in this press release that are not historical facts
constitute "forward-looking information" within the meaning of the Private
Securities Litigation Reform Act of 1995, and Section27A of the Securities
Act of 1933 and Section21E of the Securities Exchange Act of 1934, both as
amended, which can be identified by the use of forward-looking terminology
suchas "may," "will," "anticipates," "expects," "projects," "estimates,"
"believes," "seeks," "could," "should," or "continue," the negative thereof,
other variations or comparable terminology as well as statements regarding the
evaluation of strategic alternatives. Important factors, including certain
risks and uncertainties, with respect to such forward-looking statements that
could cause actual results to differ materially from those reflected in such
forward-looking statements include, but are not limited to, risks and
uncertainties relating to the process of exploring strategic alternatives, the
effect of economic and business conditions, including risks inherent in the
real estate markets of Suffolk and Westchester Counties in NewYork, Palm
Beach County in Florida and Fairfax County in Virginia, risks and
uncertainties relating to developing Gyrodyne's undeveloped property in
St.James, NewYork and other risks detailed from time to time in Gyrodyne's
SEC reports.

SOURCE Gyrodyne Company of America, Inc.

Website: http://www.gyrodyne.com
Contact: Naveen Bhatia, Chairman of the Strategic Alternatives Committee of
the Board of Directors, Gyrodyne Company of America, Inc., (631) 584-5400.
 
Press spacebar to pause and continue. Press esc to stop.