PORTSMOUTH SQUARE, INC. (OTCMKTS:PRSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On October 16, 2017, Portsmouth Square Inc. (the “Company”) announced that David T. Nguyen, the Company’s Treasurer and Controller, who also served as the principal financial officer of the Company has resigned effective immediately.
On October 16, 2017, the Company announced that the Company’s Board of Directors had elected Danfeng (Stacy) Xu as the Company’s new Treasurer and Controller, who will also serve as the principal financial officer of the Company, effective as of October 17, 2017.
Ms. Xu, age 31, had served as Controller and other positions, of the Hilton San Francisco Financial District (the “Hotel”) from July 2010 to February 2017. The Hotel is owned by Justice Investors, a California Limited Partnership (“Justice”) through its subsidiaries. Portsmouth Square Inc. is the sole general partner of Justice. Ms. Xu obtained her Bachelor of Science degree in Business Administration, Accounting and Finance from The Ohio State University and her Master of Professional Accounting, with a concentration in Audit and Assurance from University of Washington. Furthermore, Ms. Xu has successfully passed all sections of The Uniform Certified Public Accountant Examination.
There are no family relationships between Ms. Xu and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer. There have been no transactions, since the beginning of the last fiscal year, or any currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $120,000, and in which Ms. Xu had or will have a direct or indirect material interest. There are no arrangements or understandings between Ms. Xu and the Company or any other person to which she was appointed as Treasurer and Controller.
Ms. Xu will receive an initial annual base salary of $130,000 and will also be eligible for performance-based compensation under the incentive plans of the Company.
About PORTSMOUTH SQUARE, INC. (OTCMKTS:PRSI)
Portsmouth Square, Inc. operates in San Francisco hotel industry. The Company’s principal business is conducted through its general and limited partnership interest in Justice Investors Limited Partnership (Justice). It operates through two segments: Hotel Operations, which is engaged in the operation of the Hilton San Francisco Financial District (the Hotel), and Investment Transactions, which includes the investment of its cash in marketable securities and other investments. As of June 30, 2016, Justice, through its subsidiaries, Justice Holdings Company, LLC, Justice Operating Company, LLC and Justice Mezzanine Company, LLC, owns the Hotel, which consists of a 543-room hotel property located at 750 Kearny Street, San Francisco, California, and related facilities, including a five level underground parking garage. It also invests in income producing instruments, corporate debt and equity securities, publically traded investment funds, mortgage backed securities and other companies.