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FOXMOOR ANNOUNCES EXCLUSIVE FINANCING AGREEMENT

 DENVER, March 3 /PRNewswire/ -- Foxmoor Industries Ltd. (NASDAQ: FOXI) today announced an agreement with V.I.P. Funding Ltd., whereby Foxmoor will provide staged funding for V.I.P.'s 150 contractor clients. Foxmoor has granted an exclusive right for this program to V.I.P. Funding for the state of New York.
 This agreement is initially expected to increase Foxmoor's contract sales from the current rate of $1.8 million per quarter to $2.7 million per quarter. Net income is initially expected to rise from 6 cents a share per quarter to 8 cents a share per quarter. Once funding for the total commitment is in place, contract sales will increase to $4.8 million per quarter and net income will increase to 12 cents a share per quarter.
 V.I.P. Funding, based in Richmond Hill, N.Y., is a private company engaged in packaging and reselling $4.5 million in second mortgage loans quarterly. They will be referring long-term existing clients into Foxmoor's program of staged funding for contractors (involved in the home remodeling business).
 Foxmoor president, Ross Corace, said that this agreement is a giant step forward for the company. Foxmoor currently does business in a 12-state area with only nine contractors. Business resulting from the agreement should double net income from 24 cents a share on an annualized basis to 48 cents a share, and provide the needed stepping stone to take this company to the next level. Foxmoor has built a cash reserve for this added business (which was anticipated for several weeks) which will absorb all of the new monies being raised through the warrants currently being exercised. Over $286,000 has been raised from the warrants in the past 90 days. This money turns over on average two times a month in short-term staged funding business.
 Foxmoor Industries is engaged in the financial services industry; specifically, financing work-in-progress (also known as staged funding) for the home improvement industry to established contractors and dealers.
 -0- 3/3/93
 /CONTACT: John Lefebvre of Shareholder Relations, 303-457-2852, for Foxmoor Industries/
 (FOXI)


CO: Foxmoor Industries Ltd., V.I.P. Funding Ltd. ST: Colorado IN: FIN SU:

MC -- DV003 -- 2328 03/03/93 09:30 EST
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Publication:PR Newswire
Date:Mar 3, 1993
Words:370
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