On August 17, 2012, the Board of Directors of Gyrodyne Co. of America Inc. appointed Gary Fitlin (age 46) as the interim president and chief executive officer (principal executive officer) of the Company, effective August 17, 2012. Mr. Fitlin will also continue to serve in his current positions as the Company's Chief Financial Officer and Treasurer.

The Company will continue its search for a replacement for Stephen V. Maroney, its former Chief Executive Officer and President, who resigned as an officer and director effective August 16, 2012. As previously disclosed by the Company, Mr. Fitlin was appointed as the Company's Chief Financial Officer and Treasurer in October 2009.  Prior to joining the Company, he was director of accounting implementation for Lexington Realty Trust from July 2006 to March 2008, where he was responsible for mergers and acquisitions.  Prior to that, Mr. Fitlin served as Vice President and Corporate Controller for Source Media (f/k/a Thomson Media) from June 2005 to July 2006, where he was responsible for global accounting, management reporting, tax compliance and planning, financial systems, risk management and contract administration.  Prior to that, he served as a senior financial officer for various publicly traded companies where he was responsible for mergers and acquisitions, global accounting, management reporting, tax compliance and planning, financial systems, risk management and contract administration. Mr. Fitlin is a Certified Public Accountant.