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Monday July 3, 2:12 pm EASTERN TIME
COMPANY PRESS RELEASE
SOURCE: STONEHAVEN
STONEHAVEN IMPLEMENTS STRATEGIC OPERATING PLAN; DEFINED STRATEGY PROVIDES
GREATER OPERATIONAL AND CAPITAL FLEXIBILITY
MINNEAPOLIS, July 3 /PRNewswire/ -- Stonehaven (Amex: RPP - NEWS), a real estate
and technology company, announced today a strategic operating plan designed to
accelerate the growth of its technology division and position the company to
expand its national reach in the rapidly growing online real estate services
sector. The plan creates two operating divisions, RESoft Incorporated, which
provides technology real estate solutions, and Stonehaven Realty, which provides
traditional real estate solutions.
RESoft Incorporated, formerly NetLink International, was acquired by Stonehaven
in February 2000 and successfully launched three real estate technology products
during the second quarter. RERFP(TM) is an online vendor bidding and auction
service, REDocs(TM) is an online document management system, and REBuild(TM) is
a customized version of RERFP designed specifically for general contractors and
developers. Stonehaven has executed strategic partnerships with 29 major real
estate operators and professionals throughout the country to facilitate the
national expansion of its technology solutions.
Stonehaven Realty currently owns properties in the Twin Cities and its existing
portfolio is 99.5 percent occupied, providing a steady and predictable positive
cash flow to the company. Stonehaven has engaged Colliers Towle Real Estate to
explore valuation and capital appreciation opportunities, which may include a
sale of some or all of Stonehaven's assets or a refinance of existing mortgages.
"We are pleased about the rate at which we have introduced new products to the
growing online real estate sector and the continued strong performance of our
real estate portfolio," said Duane Lund, Stonehaven CEO. "Our new strategic plan
will allow us to better capture a sizable portion of the emerging online real
estate industry."
To ensure greater operational and capital flexibility, Stonehaven is initiating
a stock repurchase program in lieu of its historical common stock dividend plan.
The company has authorized the purchase of up to 150,000 shares of common stock
per quarter instead of a quarterly common stock dividend distribution.
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"We believe that long-term shareholder value will be maximized through the
periodic repurchase of Stonehaven common stock in the open market," said Lund.
"In addition, the new dividend policy is consistent with our prevailing business
plan, which focuses on the rapid growth and expansion of our online real estate
services division."
Stonehaven is a Minneapolis-based real estate and technology company. RESoft
Incorporated is a wholly owned subsidiary of Stonehaven. Stonehaven acquired
RESoft (NETLink International) in February 2000 to capitalize on the growing
online real estate services sector.
Certain matters discussed within this press release may be deemed to be forward
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Although Stonehaven Realty Trust believes the expectations
reflected in such forward looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from Stonehaven's
expectations include changes in local or national economic or real estate
conditions and other risks detailed from time to time in the company's SEC
reports and filings, including its S-4 and S-11 Registration Statements as well
as its annual report on Form 10-K, quarterly reports on Form 10-Q and periodic
reports on Form 8-K. The Company assumes no obligation to update or supplement
forward looking statements that become untrue because of subsequent events.
For more information, contact Amanda Kohls or Joanne Henry of BlueFire Partners,
612-344-1035 or 612-344-1011, for Stonehaven.
