NEW YORK, NY – September 13, 2006 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced that Charles E. Parente will serve as an independent director of the Company. Mr. Parente, who is a Certified Public Accountant, will also serve as Chairman of the Company’s Audit Committee.
Wm. Polk Carey, Chairman of W. P. Carey & Co., said “Chuck’s insightfulness and vast experience with various financial, real estate and accounting institutions will bring a high level of expertise and proficiency to our board. We believe that our fiduciary commitment to our investors is fundamental to our business. Chuck’s addition to our Board as an independent voice on behalf of our investors will foster W. P. Carey’s continued success.”
W. P. Carey’s Board is comprised of eleven directors – seven of whom are independent directors, and four of whom are management directors.
CHARLES E. PARENTE, CPA
Mr. Parente currently serves as Chairman of CP Media, LLC, a new entity formed for the purchase of 11 Broadcast Television stations located in Florida, Tennessee, Maine and Pennsylvania, and Chief Executive Officer of Pagnotti Enterprises, Inc., a diversified holding company whose primary business includes workers' compensation insurance, real estate, anthracite coal mining preparation and sales. Mr. Parente also serves as a director of Community Bank System, Inc., a bank holding company, and its affiliated bank, Community Bank, N.A., since May 2004. Prior to this, from 1988 through 1993, he served as President and Chief Executive Officer of C-TEC Corporation, a telecommunications and high-technology company. From 1970 through 1987, Mr. Parente was Chief Executive Officer and Managing Partner of Parente Randolph, PC, the leading independent accounting and consulting firm in Pennsylvania and among the top 30 in the country. Before this, from 1962 through 1970, he was a Principal at Deloitte, Haskins & Sells, a public accounting firm.
Mr. Parente is a member of the Board of Directors of: Sordoni Construction Services, Inc., a real estate development company; Bertels Can Company, a private manufacturer of metal cans for the gift industry; Circle Bolt & Nut Co., a distributor of industrial products, and Frank Martz Coach Co. & Subsidiaries, a diversified transportation company.
Mr. Parente is active with various civic and community organizations and is past Chairman of the Board of Directors of the Wyoming Valley Health Care System, Inc. and is a board member of The Luzerne Foundation and King's College, where he also served as Chairman from 1989 through 1998. He is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants. He graduated cum laude from King's College in Wilkes-Barre, PA.
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA® series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing approximately 93 million square feet, valued at approximately $8 billion. www.wpcarey.com
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This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
