Medalist Diversified REIT, Inc. announces internalization of its management function and termination of Management Agreement with Medalist Fund Manager, Inc. As a part of the deal, the company will pay a settlement fee of $1,602,717 and appoint Francis P. Kavanaugh as the interim-CEO and President, who replaces William R. Elliott and Thomas E. Messier. Additionally, Colin M. Elliott intends to resign as Vice President.