Calprop Corp. Engages Foley/Freisleben LLC as Investor Relations Counsel.

Business Editors & Real Estate Writers

MARINA DEL REY, Calif.--(BUSINESS WIRE)--June 27, 2001

California Homebuilder, Citing Strong Results and Outlook, Begins

Stepped-Up Program to Communicate Prospects to Financial Community

Calprop Corp. (OTCBB:CLPO), a California and Colorado homebuilder, today announced that it has retained Foley/Freisleben LLC to implement a comprehensive investor relations program for the company.

Los Angeles-based Foley/Freisleben will partner with the company to develop and coordinate investment community liaison and outreach, shareholder communications and financial media-relations activities, according to Mark F. Spiro, Calprop's vice president-finance and chief financial officer.

"We believe that the timing is opportune to actively address reintroducing our company to investors," Spiro indicated. "Calprop's operating performance the past two quarters has been extremely robust and, coupled with a record sales backlog at March 31, 2001, we are enthusiastic about the company's outlook over the next year and a half.

"Foley/Freisleben was selected for its breadth of expertise in implementing successful stock marketing initiatives to institutional and retail investment audiences on Wall Street and in other key financial centers throughout the United States. Furthermore, they have excellent credentials in the real estate and homebuilding sectors, as well as a strong working background with business and trade media.

"In particular, the senior management team was impressed by the successful investor-relations programs conducted by Foley/Freisleben for numerous other companies with profiles similar to Calprop," Spiro concluded.

Chairman John H. Foley commented: "We are extremely pleased to be working with Calprop and think that company's strong fundamentals, experienced management team, outstanding prospects and solid operating performance will be appealing to investors. Trading currently at just 2.3 times trailing 12-month earnings, Calprop is an unrecognized and undervalued issue in a cyclical sector where the visibility is currently quite favorable."

Foley/Freisleben provides financial communications and marketing public-relations services to a diverse roster of companies. Based in Los Angeles, the firm specializes in investor and corporate relations, with a complementary expertise in business-to-business and technology communications. Located at 800 Wilshire Blvd., Suite 300, Los Angeles, Calif. 90017-2604, the firm may be reached at 213/955-0020 or via its Web site at www.folfry.com.

Founded in 1961, Marina Del Rey-based Calprop Corp. builds quality homes in some of the most desirable communities in California and Colorado.

Certain statements in this news release regarding future expectations and plans may be regarded as "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. They are subject to various risks, such as weather, soils and environmental risks, earthquakes, and other uncertainties inherent in the business of developing real property that may be beyond the company's control. For a discussion of the contingencies and uncertainties affecting future events and forward-looking statements, see the company's most recent Annual Report on Form 10-K, as well as other filings with the Securities and Exchange Commission. There can be no assurance that the company will be successful in meeting its expectations.