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Homeplex Mortgage Investments Corp. announces termination of merger talks.

PHOENIX--(BUSINESS WIRE)--Feb. 10, 1995--Homeplex Mortgage Investments Corp. ("Homeplex") (NYSE:HPX) Friday announced that its negotiations to acquire American Southwest Holdings Inc. ("American Southwest") have been terminated.

The board of directors of American Southwest informed Homeplex that they were terminating the merger talks because of certain adverse tax consequences of American Southwest stockholders that they were unable to resolve in any of the proposed merger structures.

Homeplex indicated that it will continue to explore other strategic options including the termination of its REIT status and the purchase of other non-REIT operating companies. Additionally, the company intends to continue to actively pursue real estate lending opportunities in Arizona and other parts of the Southwest.

The company indicated that as of Feb. 10, 1995, it had outstanding approximately $11 million of loans under its commercial lending program and approximately $1 million of additional loan commitments. These loans are all for a term of one year or less, bear interest payable monthly at rates ranging from 16 percent to 24 percent per annum and are secured by First Deeds of Trust on various properties in Arizona.

CONTACT: Homeplex Mortgage Investments Corp., Phoenix

Jay Hoffman, 602/265-8541
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Publication:Business Wire
Date:Feb 10, 1995
Words:194
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