Calprop Announces Sale of Interest in California Property; Sale of Contractual Rights on Approximately 60 Acres Results in up to $9.0 Million in Proceeds.

MARINA DEL REY Del Rey may refer to:

Del Rey, California, a census-designated place in Fresno County, California
Del Rey, Los Angeles, California, a small district in the west side of Los Angeles
Del Rey (band), an indie rock band

, Calif. -- Calprop Corporation announced today that it has completed the sale of its contractual rights A contractual right is a claim, on other persons, that is acknowledged and perhaps reciprocated among the principals associated with that claim. Specialized contractual rights exist as part of a "contract" or agreement between persons to whom these rights belong. to purchase approximately 60 acres of undeveloped land in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, to a large publicly-held real estate development company. Calprop has spent the past 22 months in obtaining permits, entitlements and other approvals needed to build on the property, and these entitlements are included in the sale. The Company estimates that the net sale proceeds will be approximately $9,000,000, which will be used to retire a sizable portion of its debt.

Victor Zaccaglin, Chairman, said, "We believe this transaction will significantly improve our financial position and future operating results by giving us the liquidity we need to pursue other development opportunities in Southern California."

Calprop Corporation, a California Corporation (OTC OTC

See: Over-the-counter.

OTC

See over-the-counter market (OTC). :CLPO CLPO Consumer Loan Processing Outlet ), based in Marina Del Rey, California Marina del Rey (Spanish for "Navy of the King", or "Seacoast of the King") is a census-designated place seaside community located in an unincorporated area of Los Angeles County, California, United States. The population was 8,176 as of the 2000 census. , builds quality homes in some of the most desirable communities in both Northern and Southern California and Colorado.

For additional information, please contact Mark F. Spiro at mspiro@calprop.com or 310-306-4314, or visit www.calprop.com.

This release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the federal securities laws; all statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitations, statements regarding the Company's financial position and future operating results. Actual future operating results may differ from the results discussed or forecasted in the forward-looking statements set forth in this press release due to factors and/or changes in the economic conditions of the various markets where the Company maintains projects, including, but not limited to, increases in prevailing interest rates, increases in real estate taxes, increases in the cost of materials and labor, and the availability of construction financing and home mortgage financing attractive to home purchasers, as well as other risks, uncertainties and factors detailed from time to time in the Company's SEC reports, which are available at www.sec.gov. The Company assumes no obligation to update the forward-looking statements included in this press release.

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Publication:	Business Wire
Geographic Code:	1USA
Date:	Jun 22, 2004
Words:	339
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