Former Seattle Storm CEO Appointed to Harbor Custom Development, Inc. Board of Directors

Rhea-AI Summary

Harbor Custom Development, Inc. announced the election of Karen Bryant to its Board of Directors, effective immediately, following the annual meeting on June 8, 2021. Ms. Bryant brings 25 years of leadership experience, including her tenure as President and CEO of the Seattle Storm, where she led the team to two WNBA championships. The company, which operates in all phases of the land development cycle in Washington, California, and Texas, aims to benefit from Ms. Bryant’s extensive background in business growth and operational excellence.

Positive

• Karen Bryant's election brings 25 years of leadership experience.
• Proven track record of driving business growth and operational excellence.
• Her prior success with the Seattle Storm enhances the board's expertise.

Negative

• None.

Gig Harbor, Washington, June 21, 2021 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (NASDAQ: HCDI, HCDIP, HCDIW) ("Harbor" "Harbor Custom Homes®” or the "Company"),, an innovative and market-leading real estate company involved in all aspects of the land development cycle, today announced that shareholders have elected Karen Bryant to the Company's Board of Directors at the annual shareholder meeting held on Tuesday June 8, 2021, effective immediately. Ms. Bryant will be an independent director in accordance with the applicable rules of the Nasdaq Stock Market LLC.

For 25 years, Karen Bryant has run high-profile organizations, navigating complex internal and external dynamics while driving business growth and operational excellence. Ms. Bryant was at the helm of women’s professional basketball for 18 years – serving as General Manager of the Seattle Reign and then, ultimately, as President and CEO of the Seattle Storm from 2008 through 2014. Under her leadership, the Seattle Storm won two WNBA Championships, set multiple attendance and revenue records, and established itself as one of the WNBA’s premier franchises. In 2014, Ms. Bryant started and led a management consulting firm until one of her clients, Atavus Sports, appointed her CEO in 2016. With Atavus, Ms. Bryant led a three-year process of market research, competitive analysis, customer discovery, product development, and sales. In Fall 2019, Atavus was acquired by a private equity firm in a successful exit. After a successful 13-year run as CEO for two organizations, Ms. Bryant returned to her management consulting firm in March 2020. Ms. Bryant also serves as an Executive Coach to business leaders and entrepreneurs and is well-recognized for leading high-performing teams. Ms. Bryant’s recognition includes Seattle Sports Commission Executive of the Year, Sports Business Journal Gamechanger, Puget Sound Business Journal Woman of Influence, Greater Seattle Business Association Businessperson of the Year Finalist, and Girl Scouts of Western Washington Woman of Distinction. Ms. Bryant was a scholarship athlete at Seattle University and the University of Washington, where she graduated in 1991 with a Bachelor of Arts degree in Communication. 

“We are pleased to have Ms. Bryant join the Harbor team as an independent Board Director. Her dynamic record of executive leadership for successful business growth is a tremendous asset to us,” stated Sterling Griffin, President, and CEO of Harbor. 

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Washington state, California, and Texas.  Harbor has active or recently sold-out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington. Harbor has also acquired developed lots and plans to begin constructing homes in the Sacramento and Austin metro markets beginning in the second quarter of 2021. The Darkhorse Golf Course community, located approximately 50 miles northeast of Sacramento in Auburn, California, and the La Ventana and Bunker Ranch subdivisions located approximately 22 miles from Austin, in Driftwood and Dripping Springs, Texas, are Harbor’s newest locations. Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces. Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These statements relate to, but are not limited to, expectations of future operating results and financial performance, including GAAP and non-GAAP guidance for the year ending December 31, 2020 and the year ending December 31, 2021, the calculation of certain of our key financial and operating metrics and expectations regarding sales of inventory, as well as assumptions relating to the foregoing.  Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified.  In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate, “predict,” “target,” “project,” “intend,” “potential,” “would,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology that concern our expectations, strategy, priorities, plans, or intentions. You should not put undue reliance on any forward-looking statements.  Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.  These forward-looking statements are subject to various risks and uncertainties, including without limitation complications due to COVID-19 which could cause delays in dates of completion or closings, and those risks and uncertainties set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  This document includes statements of summarized financial projections.  There will be differences between the projected and actual results because events and circumstances frequently do not occur as expected and those differences may be material.  The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

FAQ

What impact does Karen Bryant's election have on Harbor Custom Development?

Karen Bryant's election is expected to enhance the board's capabilities, bringing her extensive leadership experience and business growth strategies to Harbor Custom Development.

When was Karen Bryant elected to the Board of Directors of HCDI?

Karen Bryant was elected to the Board of Directors of Harbor Custom Development on June 8, 2021.

What is the background of Karen Bryant in relation to HCDI?

Karen Bryant has 25 years of executive experience, including as President and CEO of the Seattle Storm, where she led the team to significant success.