Additional Info:

ARTWORK DEACCESSIONED FROM THE WESTERVELT ART COLLECTION (04/08/11)

FOR IMMEDIATE RELEASE

Contact: Robby Johnson, APR
(205) 562-5445; [email protected]

ARTWORK DEACCESSIONED FROM THE WESTERVELT ART COLLECTION

Tuscaloosa, Ala. – A decision made during the November, 2010, meeting of its Board of Directors to deaccession art from its private collection in 2011 is currently being implemented. This process includes sales of some key pieces of its 2200 items through both private agents and public auctions.

A non-core asset category, the collection is expansive and is best known for its inclusion of American artists. The art was acquired over many years on behalf of the company and shareholders, using corporate funds, by former CEO, President and Chairman of The Board Jack Warner. Mr. Warner’s passion for art and history, combined with his keen sense of business and artistic acumen, positioned the category for its original intent: an investment for the company and shareholders.

The Small Business Jobs Act of 2010, an economic stimulus incentive, has provided a window of opportunity in 2011 to recognize some of the investment return to the company and shareholders, while providing additional funding for the organization’s capital growth plan which includes new business arenas such as renewable energy and ecological restoration as well as existing businesses in timber, lumber, recreation and real estate.

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