MONTVALE, NJ -- (Marketwired) -- 04/22/14 -- Beneficial Holdings, Inc. (OTC Pink: BFHJ) (PINKSHEETS: BFHJ) today announced an addition to its management team and the appointment of independent members of its Board of Directors.
*Nicholas DiBitetto has joined the Company as Senior Vice President and Chief Financial Officer. DiBitetto is an experienced financial professional holding controllership and CFO positions at several real estate related enterprises in the New York metro area over the last 30 years.
The Company's Chairman, President and CEO, Gregory N. Senkevitch stated: "The addition of DiBitetto deepens our management team as Beneficial moves to a higher level of activity. Nick will add value as we move to normalize our public company reporting regimen."
New Board members will take office on July 1, 2014:
*Harold J. Raveche, PhD is President of Innovation Strategies International, LLC (www.innostrategies.com) with projects in Asia, Latin America and India. Dr. Raveche serves as Founding Board Director of Vision Technology Systems (www.vt-systems.com), the U.S. Division of Singapore Technologies and Founding Director of Biogen (www.biogendr.com) which manufactures patented technology that converts biomass to synthetic gas for production of electric and thermal energy. He was previously President of Stevens Institute of Technology, an innovative global institution of higher learning based in Hoboken, NJ.
*Allen Boston, CPA is a retired Ernst & Young partner, spending 36 years in the firm's Baltimore, New York and Americas practices, serving a wide range of clients in diverse industries, including real estate and construction. He has served as member of several non profit boards, associations and advisory boards, including the Maryland and New Jersey State Societies of CPAs and on the executive council of the American Institute of CPAs.
*Norman Melnick is a retired inventor, entrepreneur and investor. He was formerly the CEO of Penntech, Inc. which he founded, took public and sold in the early 1990's. Mr. Melnick was an early adopter of outsourcing manufacturing to China.
*Michael J. Petersen Esq. is a partner in the law firm Shulman Hodges & Bastian LLP of Irvine, CA. He has served as corporate counsel for Prudential Financial and its various subsidiaries. After Prudential, he served as general counsel to Newport Financial and its subsidaries. Shulman Hodges & Bastian currently serves as counsel to the Company.
*Larry Newman, PhD is Co-Executive Director of the Executive Center for Education and Development at Rider University and was formerly the Dean of Rider's College of Business Administration. As Dean, he worked with his colleagues in the initiation of centers of excellence in Leadership, International Business, Business Forensics and Entrepreneurial Studies as well as the Executive Center for Education and Development in order to advance the partnership between higher education and the business community. In addition, he was instrumental in defining and executing a strategic vision that resulted in maintaining the College's prestigious accreditation for both the business and accounting programs.
Commenting on the additions to the Company's Board of Directors, Senkevitch said: "These appointments are part of our plan to increase our governance profile, add to depth to our stature in the business community and expertise in areas of technology, sustainability and best practices. Each of these appointees has tremendous accomplishments in their area of excellence. I have had a business or professional relationship with each of them over an extended period of time and their appointment to the Board reflects my continued trust in their guidance and global insights."
Beneficial Holdings' will discuss these additions to its management team and board of directors as part of its scheduled investor call. The call will start promptly at 11:00 a.m. EDT on Wednesday, April 23, 2014. The toll free dial in number for United States and Canada is (888) 481-2844. The international toll number is (719) 325-2144 (not toll free). For either number please enter pass code 6980950 when prompted. Allow at least 15 minutes prior to the call for the registration process. Investor questions will be answered as time allows.
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 April 22, 2014. 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