Loan Originations Continue to Increase At Record Pace for Whitehall Enterprises; ALG Reports Loan Originations of $80 Million For The Months Of March Through May.

Business Editors

MIAMI--(BUSINESS WIRE)--June 7, 2001

Whitehall Enterprises, Inc.'s (OTCBB:WTHL) subsidiary, Alternative Lending Group (ALG), announced that loan originations for the month of May totaled $30,240,000. ALG has been reporting significant increases in referrals and leads for the Company's loan products and recently has opened a new office in Tampa, Florida, with plans to open additional offices in Arizona in order to meet the demand.

"The Company maintains a pipeline of business estimated at $35 million per month going forward, which I anticipate to contribute profits to Whitehall's bottom line for the current quarter. We have set a goal to generate $1 million per month in revenue. Even if we were to see an upset in the current trend of interest rates, our origination volume will continue to grow as we move toward achieving this goal," stated James P. Mack, president of ALG.

"In the past three months alone, ALG has nearly achieved last year's total origination volumes. May's $30 million in loan originations are double what can be compared to the Company's best months of business last year," said Luis Alvarez, Whitehall's President and CEO. "ALG's ability to achieve certain financial forecasts while at the same time implementing stringent cost cuts throughout the entire mortgage operation is proving to be invaluable to the success of our long term goals," he concluded. ALG reported mortgage originations of $90 million for the fiscal year ended September 2000. Loan originations for the past three months were reported as follows: March - $26 million, April - $24.6 million and May - $30.2 million.

About Whitehall Enterprises

Whitehall Enterprises Inc. (OTCBB:WTHL) is a growth oriented holding company targeting business acquisitions, which will contribute a diversified asset base and positive cash-flow for the company and its $71 million tax loss carry-forward. Whitehall Enterprises' current business activities include marketing of hair growth stimulation and hair loss prevention technologies, a state-of-the-art medical diagnosis software, plus mortgage banking within 12 states of the U.S., including the issuance of residential title insurance policies.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises, Inc.) contains statements that are forward-looking, such as statements related to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Whitehall Enterprises. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises, Inc.'s filings with the Securities and Exchange Commission, including Forms 10K and 10-Q.