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Strategies & Market Trends : HomeLife: A Global Franchise Real Estate Company (HMLF) -- Ignore unavailable to you. Want to Upgrade?

To: MoneyBaggs who wrote (370)	6/10/1999 8:43:00 AM
From: MoneyBaggs	Read Replies (1) \| Respond to of 383

Thursday June 10, 8:05 am Eastern Time Company Press Release HomeLife Inc.'s 220,000 Square Foot Expansion Into China NEWPORT BEACH, Calif.--(BUSINESS WIRE)--June 10, 1999--HomeLife Inc. (OTC BB:HMLF), a California-based full service real estate and mortgage financing services provider, Thursday announced that it had signed a letter of intent to purchase a 220,000 square foot manufacturing plant strategically located in the province of Anhui, China between the cities of Shanghai and Beijing. The plant will be purchased with an undisclosed number of shares of the company's preferred convertible stock. The plant is fully leased, and will generate substantial rental income while greatly increasing the assets of the company. Andrew Cimerman, the chairman and chief executive officer of HomeLife, said acquisition of commercial real estate in China is the beginning of the company's expansion into the country. A plant of this size can be acquired for substantially less money than equivalent property in the United States. As demand for manufacturing facilities grow, strategically located plants will become good investments. Cimerman said HomeLife intends to make additional purchases of properties in China that he believes are still affordable. Yan Doug He, the owner of the property says he is excited about selling his property to HomeLife, and feels the aggressive growth of the company will benefit its investors. Yan also stated that he is interested in developing other business relationships with HomeLife and is looking forward to holding a substantial equity position in the company. Incorporated in 1995, HomeLife and its affiliates are full service real estate and mortgage financing providers. HomeLife is one of the largest real estate organizations in North America with more than 200 offices and estimated 3,000 licensed agents. The company operates under the names of Red Carpet Real Estate, National Real Estate, Network Real Estate, MaxAmerica Financial Services, HomeLife Realty Services, MaxAmerica Home Warranty, Builders Realty and International Estates. -------------------------------------------------------------------------------- Contact: HomeLife Inc., Newport Beach Andrew Cimerman, 949/660-1919