Gyrodyne Announces Engagement Of Financial And Legal Advisors To Pursue Strategic Alternatives; Names Interim CEO

Gyrodyne Company of America,

announced today that it has engaged Rothschild Inc. as its financial advisor to advise the Company with respect to maximizing shareholder value through one or more potential cash distributions and/or through a potential sale, merger or other strategic combination. The Company has also engaged Skadden, Arps, Slate, Meagher & Flom LLP as a legal advisor to provide corporate transactional and REIT tax advice in the strategic process. The Company also announced that its Chief Financial Officer, Gary Fitlin, was appointed by the Board of Directors as Interim President and Chief Executive Officer, effective immediately, while the Company continues 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. Mr. Fitlin will also continue to serve in his current positions as the Company's Chief Financial Officer and Treasurer.