Combined Professional Services Announces Potential Acquisition, Management Change and Stockholder Matters.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 12, 2002

Combined Professional Services Inc. (OTCBB:CPFS) has signed a letter of intent to acquire Muni Financial Inc., a Florida-based financial services company offering insurance, financial planning and real estate financing services to individual and commercial clients. Closing of the acquisition is dependent upon completion of due diligence and other conditions to closing.

The company also announced that Marc Baker has resigned as director and president and Jeff Spanier has been elected to such positions. Baker returned 4,500,000 shares of company stock to the company for cancellation and Spanier was issued 4,000,000 shares pursuant to an employment agreement which requires certain service and acquisition milestones.

The company also holds a 4.9% interest in PBJ Holdings, the parent company of a Florida-based registered broker dealer firm as an equity investment.

As a result of a restructuring, there are currently 6,687,200 shares of common stock outstanding, 4,000,000 of which are held by Jeff Spanier, 300,000 shares are held by the beneficial owner of PBJ Holdings and the balance are held by the remaining shareholders of the company. These figures do not include potential issuance of shares in connection with the proposed acquisition of Muni Financial Inc.