LFWK Appoints Malone and Loveman to Board of Directors; Offer Vast Experience in Urban Renewal and a Network of Capitalization Sources
NASHVILLE, TN, Aug 24, 2005 (MARKET WIRE via COMTEX) -- LoftWerks, Inc. (OTC: LFWK) announces the appointment of Charles Loveman and Merrick Malone, veterans of the urban revitalization movement, to LFWK's Board of Directors, a combination that will bring over forty years of urban renewal and capitalization experience to the LoftWerks team.
Charles Loveman is a former Senior City Planner for downtown Los Angeles during the renovation and redevelopment of the Hollywood Equitable Building (120,000 sq. ft.), the Old Bank District loft housing project (400,000 sq. ft.), and the Rowan Lofts (280,000 sq. ft.). Currently, Loveman serves as Executive Director for Heritage Housing Partners, which recently secured $14 million New Market Tax Credits for the country's first market rate housing project, The Roosevelt Building redevelopment project. Independent analysts involved with the Roosevelt project conservatively estimate its value at over $100 Million Dollars, in terms of property value, and surrounding community economic benefit. The Roosevelt Project is an example of Loveman's strategy for the procurement of highly specialized tax credits for companies that spur economic development in the communities in which they operate.
Merrick Malone, of Washington, D.C., served simultaneously as Deputy Mayor for Economic Development and Director of Housing and Community Development from 1992 to 1996. He spearheaded the management team that constructed The MCI Sports Arena. He serves as executive advisor for BET Television Corporate Offices and Studios, and has actively led the redevelopment and rehabilitation efforts of 4,500 housing units to homeownership in the D.C. area. Mr. Malone is currently a Principal at Metropolis Development Company based in D.C., which focuses on new and existing solutions for urban mixed use residential and retail projects. Metropolis currently has 5 condominium projects in various stages of development in the D.C. Area and abroad.
"We are thrilled to have men of such stature join our Board of Directors," said LoftWerks, Inc. CEO Dennis Ammerman. "The vision and experience Charles and Merrick bring to our team will be invaluable in implementing urban renewal projects across the country. Their track records in dealing with governmental entities, and their vast network of contacts in the area of venture capital acquisition and third-party lending should propel us forward in our effort to bring our business plan to fruition. We are fortunate to have them on board."
Both Loveman and Malone expressed their excitement in joining in LoftWerks' unique approach to its various efforts at urban revitalization and renewal. Their appointment to the LoftWerks, Inc. Board of Directors takes effect immediately.
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