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J.M. PETERS COMPANY INC. NEWS RELEASE

 NEWPORT BEACH, Calif., Sept. 23 /PRNewswire/ -- J.M. Peters Company Inc. (AMEX: JMP) announced today that it has agreed to purchase 100 percent of the stock of Durable Homes Inc., a Nevada builder, from the sole owner. The purchase was arranged by Capital Pacific Homes Inc., the majority shareholder of J.M. Peters, and today J.M. Peters' board approved the assignment and assumption of Capital Pacific's rights and obligations to purchase the Durable shares. Durable is an established Nevada homebuilder for the first time buyer and move-up markets. Durable was formed in 1967 and has sold an average of 385 homes per year over the past four years. Durable currently projects that it will sell approximately 450 homes in 1993. Durable controls through ownership and options, approximately 1,100 buildable lots in Nevada. The acquisition will be completed through the issuance of approximately 1,000,000 new shares of J.M. Peters together with cash of approximately $1.3 million and a promissory note from Durable of $400,000. In 1992, according to Durable's financial statements, audited by Price Waterhouse, Durable had sales of approximately $36 million and net income of approximately $2,500,000. J.M. Peters also plans the construction of high-end homes in Nevada through its subsidiary, J.M. Peters-Nevada Inc.
 According to Hadi Makarechian, chairman of J.M. Peters, "The acquisition is a perfect match for J.M. Peters. Together with J.M. Peters-Nevada, Durable Homes will place J.M. Peters in all of the target segments of the home market in Nevada." Dale Dowers, president of J.M. Peters, added that, "Our presence in the rapidly-growing Las Vegas market will substantially increase the growth in Peters home closings which began following Capital Pacific's acquisition. Projected closings this fiscal year will increase from just over 200 to more than 650 upon completion of the Durable transaction.
 -0- 9/24/93
 /CONTACT: Greg Petersen, 714-854-2500/
 (JMP)


CO: J.M. Peters Company Inc.; Durable Homes Inc. ST: California, Nevada IN: CST SU: TNM

NY-LM -- LA002 -- 5248 09/24/93 01:00 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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