Wulf International Ltd Realigns Management to Facilitate Operation of Its Philippines Low-Income Housing Project Expected to Begin in 2nd Quarter of 2002.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 29, 2002

Wulf International Ltd. founded in 1973, (OTCBB:WLFO) with headquarters in Fort Worth, Texas, announced today that Dr. George Wulf, Chairman and founder, has been re-appointed Chief Executive Officer.

Wulf's Philippines operations will be supervised by Pg. Hashim Jaya Vice-Chairman of Warisan, Wulf's joint venture with the Philippine Government that is in the planning stages of a project that will build 1 million housing units on the island of Mindanao. Mr. Jaya is currently relocating Wulf's Brunei office to Manila. Damien Cota of Scottsdale, Arizona, will oversee the day-to-day operations of Wulf in the US as President and Chief Operating Officer. Mr. Cota has also been appointed to Wulf's Board of Directors as well as the Executive Committee. Mr. Cota's Scottsdale, AZ-based management company, First Southern Trust, is the principal owner of SFM Mortgage Company with offices in Fort Worth, Texas. Wulf owns a 45% equity interest in SFM who, under First Southern's administration, will provide the pool of investment bankers that will accommodate the estimated $8 Billion Dollars needed to fund the mortgages on the one million new homes to be built by Wulf and its Filipino partners at an estimated cost of $5 Billion.

Mr. Cota has worked for many years in the mortgage and secondary marketing business for mortgage bankers and commercial banks. He will maintain Wulf's U.S. operating office in Scottsdale, AZ for the time being and expand the overall Philippine development from that hub. Mr. Cota and his associates also plan to expand Wulf's oil, gas and mining interests, which has been the principal business of Wulf since it's inception.

William Franklin, former President and CEO of Wulf will remain as Director and will devote his time to his architectural and engineering consulting business, AEPM that will provide management advice on the Philippines Project. Mr. Joseph Denahan has resigned as a Director and Chief Financial Officer of Wulf for health reasons. Mr. Cota and Dr. George Wulf are currently in negotiations to replace the vacant position.

The Philippine Housing Program is the single largest low-income housing project in the world. The World Bank is encouraging Wulf to put together similar projects in other countries, and to that end Wulf has recently signed a project memorandum with government officials from a country in the Middle East, and is involved in negotiations in two other locations in southern Asia. It is the goal of Wulf International Ltd. to become the largest builder of low income housing in the world whereby Wulf and its partners will build the homes and provide the mortgage funding to the buyers of the new homes.

For more information, please go to http://www.wulfint.com or contact Wulf International through First Southern Trust at Tel [phone].

Forward-Looking Statements: Statements in this press release other than the statement of historical fact, including statements regarding the company's plans, beliefs, and estimates are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from the expected results. These forward-looking statements represent the company's judgment as of the date of this release.