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Whitehall Enterprises Reports Net Income Over $260,000 For Third Quarter.

Business Editors

MIAMI--(BUSINESS WIRE)--Aug. 22, 2001

Whitehall Enterprises (OTCBB:WTHL) today announced third quarter and nine months ending June 30, 2001 financial statements. Revenues for the quarter ended June 30, 2001 were $2,680,802. This represents an increase of $1,100,321 or 69.7% over comparable pro-forma combined quarterly revenues from Alternative Lending Group's prior fiscal year. General and administrative expenses were $2,400,320 or 89.6% of sales for the quarter ended June 30, 2001. Interest expense incurred of $13,826 in ALG was paid in installment loans and lines of credit used to close loans originated. The Company's consolidated net income for the quarter ended June 30, 2001 amounted to $263,623.

The Company reported total assets of $9,199,723 for the three-month period ended June 30, 2001, compared to $10,133,813 the same time last year. Total liabilities for the same three-month period decreased to $4,799,019 from $7,055,306 the previous year, while total stockholders' equity increased 42% to $4,400,704 over the same period the year before. The Company also reported that net cash provided by operating activities for this period where $2,183,844 compared to a loss of ($738,189) one year ago. Net cash (used in) investing activities for period ended June 30, 2001 was ($659,026) and net cash provided by (used in) financing activities was ($1,464,179).

During the year ended September 30, 2000, and through the nine-month period ended June 30, 2001, the Company focused its resources in establishing a presence in the financial services industry as a national mortgage lender. This includes the opening of a new office in Tampa, Florida. The most important goal continues to be to increase the amount of mortgage loans originated. Currently, resources are also being provided to increase marketing efforts to originate more loans. Management continues to place emphasis in attaining greater profitability through cost cutting measures in its financial subsidiaries.

During April 2001, the Company incorporated Interactive Medical Technologies, Inc. ("IMT") to carry out the marketing efforts and medical review related to the distribution of its medical software. Effective May 1, 2001, IMT hired Barbara A. Guerard as its President. Ms. Guerard brings many years of experience as an executive in the medical industry - most recently, as Chief Operating Officer of the University of Miami Medical Group and, before that, the Harvard Community Health Plan. Additionally, Dr. Alberto A. Mitrani was hired June 11, 2001 as Executive Vice President for Medical Affairs. Dr. Mitrani will chair the Editorial Medical Review Board that will verify IMT's Interactive Medical Software. Dr. Mitrani is a graduate of Harvard University and University of Miami and he is a contributing author to the most recent edition of Kelly's Textbook of Internal Medicine.

"The building of a solid financial foundation has been a key factor in the successes of our Company. I am very pleased that ALG was able to set company records for revenues, earnings, return on committed capital and equity, as well as increased cash flow for the quarter ended June 30, 2001," said James P. Mack, President of ALG.

"Over the past year, and due largely to the achievements of ALG, Whitehall has been able to hurdle a number of obstacles," said Luis Alvarez, President and CEO of Whitehall Enterprises. "ALG's continued determination to be at the forefront as a mortgage lender, is insurmountable to the future growth of Whitehall and its financial objectives," he added.

"This quarter proves that our turn around is complete and moreover indicative of the Company's growth prospects and future. In addition to the success of ALG, I am very eager to begin reporting on the impending success of IMT, as the additions of Barbara Guerard and Dr. Al Mitrani are proving to be tremendous to the marketing software's marketing efforts. I look forward to reporting the current fourth quarter as we certainly are moving at an increased pace," concluded Mr. Alvarez.

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 it's $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.
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Publication:Business Wire
Geographic Code:1USA
Date:Aug 22, 2001
Words:875
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