Wulf International Ltd Signs Agreement for $200 Million in Funding for Philippines Housing Project.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--Jan. 31, 2002

Wulf International Ltd, (OTCBB:WLFO) with headquarters in Fort Worth, Texas, announced today that the Warisan Group Corporation, on behalf of the Warisan Joint Venture of which Wulf is a majority partner, has signed an agreement with a Malaysian Group of companies who will provide Warisan with $200 million to be used for the building of one million low-income homes in the Southern Philippines by the Warisan-SPDA Joint Venture formed in mid-1998.

Wulf holds a 49% equity interest in this Joint Venture. The funds will be used exclusively for this housing project expected to cost about $5 billion over the next ten years. Although the Malaysian Group funding is expected to be sufficient to complete the project by "rolling over" the funds, the Philippines Secretary of Housing through the Development Bank of the Philippines has approved additional funding. The Southern Philippines Development Authority (SPDA) also may obtain an alternate source of funding through the issuance of international bonds.

As a part of the Agreement, Warisan, acting on behalf of the Warisan-SPDA JV, has entered into an Exclusivity Agreement with EVG-Austria to provide approximately 10 million of their special 3-D house panels for the project. ICASUR and EVG-Austria will be the Construction Manager for this huge project. Guarantees of the repayment of the funds will be obtained from the Home Guaranty Corporation formed by a special Act of the Philippines Congress for that purpose.

Through agreements with Wulf International, SFM Mortgage of Fort worth, Texas and First Southern Trust of Scottsdale, Ariz. will provide an estimated $8 billion for funding the buying of the new homes by Filipino families. Wulf owns 45% of SFM Mortgage.

The $200 million in funding from the Malaysian Group will be provided to Warisan and the SPDA-Warisan JV in tranches over a ten-month period beginning in about 30 days. Construction is expected to begin in the second quarter of 2002. Although projections of income over the 10-year period of construction and development are only estimates at this time, Wulf International expects to realize net profits of about $340 million from the development phase of the project and about $250 million from its interest in the mortgage group over the ten-year life of the project.

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.