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Kennedy-Wilson to form a joint venture with Guidance Solutions.

Kennedy-Wilson Inc. (Nasdaq NM: KWIC), an international real estate services company with more than $6 billion in completed real estate brokerage and auction sales, has signed a binding letter of intent to form a joint venture with Guidance Solutions Inc. (, a full-service provider of comprehensive strategic Internet services.

Guidance Solutions has served the systems integration needs for such corporations as Wells Fargo, Bank of America, Taco Bell, Boeing, Goodyear and Airtouch Cellular.

Earlier this year, Kennedy-Wilson announced plans to go on-line with," a comprehensive Internet real estate marketing and auction service. By joining forces with an experienced on-line business developer such as Guidance Solutions, Kennedy-Wilson plans to leverage Guidance's technical and creative core capabilities and capture business opportunities resulting from the rapidly expanding Internet community. Guidance Solutions has a proven track record in launching on-line businesses for such clients as Venator Group, Inc. (Foot Locker, Champs Sports, Eastbay), E-Nutrition, Celebrity Sightings and Bandai Entertainment, among others. Now, Guidance and Kennedy-Wilson plan to lead the way in establishing the premiere real estate marketing and auction site.

"Taking our expertise on-line is a natural progression for Kennedy-Wilson," said Chairman and CEO William B. McMorrow. "We believe the service will transform the real estate buying and selling process by making it more efficient and accessible than ever before."

Guidance Solutions will build a customized database-driven and commerce-enabled online application for that will provide the foundation for this unique technological system. Additionally, plans to utilize Guidance's innovative marketing and strategic planning services to further execute a profitable Internet business solution. Kennedy-Wilson and Guidance Solutions expect that the Internet Real Estate Marketing and Auction System will host major real estate offerings of commercial and residential properties both nationally and internationally.

"Guidance Solutions seeks traditional business partners in order to leverage our joint assets into successful on-line ventures. We are thrilled to team with Kennedy-Wilson to build the leading on-line real estate business solution," said Robert Landes, CEO of Guidance Solutions. "We believe the traditional assets of Kennedy-Wilson, coupled with Guidance's experience building on-line businesses, will be a winning partnership in the virtual marketplace."

On the commercial side, the service will provide potential investors with access to regional, national and international properties. On the residential side, buyers should find homes that range from entry level condominiums to multi-million dollar estate homes.
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Publication:Real Estate Weekly
Date:Jun 16, 1999
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