9.70% Shareholder Frank Kavanaugh Addresses Concerns Raised by Jon S. Wheeler and Calls for Augmentation of Independent Board Members at Medalist Diversified REIT, Inc.

NEWPORT BEACH, Calif., May 10, 2023 /PRNewswire/ -- The following press release is distributed on behalf of Frank Kavanaugh, who owns 9.70% of Medalist Diversified REIT's (NASDAQ:MDRR), outstanding shares and supports the company's management and board -- In response to a press release from Jon S. Wheeler, 9.70% shareholder Frank Kavanaugh acknowledges the concerns raised by Wheeler and other shareholders in Medalist Diversified REIT, Inc. (NASDAQ:MDRR). These concerns stem from the company's net losses totaling over $9,000,000 in 2021 and 2022, the impairment of the Hampton Inn Property resulting in a loss of $3,494,058, the $6,885,029 compensation paid to its management team since its inception, and an additional $3,500,000 in termination & transaction fees voted in by Independent Directors who are pushing the company to sale instead of looking to enhance the position of the shareholders.