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National Residential Properties, Inc. Announces Conquistador Plaza Demolition; Encore Services Signs Construction Contract.

Business Editors

MIAMI--(BUSINESS WIRE)--Feb. 14, 2001

National Residential Properties, Inc. (OTCBB:NRES.OB)(Formerly OTCBB:NRPI.OB) Richard Astrom, President and CEO announced today that "demolition of the existing building has begun at the site of the future 60 unit apartment building, known as Conquistador Plaza. Immediately upon completion of the demolition the same subcontractor will commence to dig the garage level of parking, which will be approximately 8 feet below street level. Pictures of demolition will be available on the company's new web site: http://www.NRES.TV".

Braulio Gutierrez, NRES director and President of Encore Services, Inc., a subsidiary of NRES, announced that "in January, 2001 Encore Services Inc signed a contract with Encore Builders, Inc. to pay 80% of Encore Builders Inc.'s net income to Encore Services, Inc. in consideration of NRES contracts to build Granada Grand Apartments, Conquistador Plaza Apartments, The Residences at Bay Harbor and Barcelona Apartments. The stock of Encore Builders Inc is owned by Braulio Gutierrez."

This release emphasizes the company intention to keep NRES investors informed about company operations.

About the Company

NRES, based in Miami, is a fully reporting company. The company's business is real estate development. NRES projects are: building a 60 unit luxury apartment house in Miami known as GRANADA GRAND. The sale of which will generate $7,000,000 revenues and $2,500,000 net income at the end of 2001; Now under construction a 60 unit luxury apartment house in Miami known as CONQUISTADOR PLAZA, which will generate $7,000,000 revenues and $2,500,000 net income at the end of 2001; the company is developing a subdivision in Vero Beach, Florida, known as EAGLE TRACE. EAGLE TRACE is a heavily deed restricted, walled, gated community with a lake in the center. NRES will build houses and sell lots to other builders. The sale of the lots in EAGLE TRACE will generate $1,500,000 net income at the end of 2001. A 60 unit condominium project known as THE RESIDENCES AT BAY HARBOR, formerly known as COSTA DEL SOL, located on Bay Harbor Island, will generate $10,000,000 in revenues and a $3,000,000 profit to the company in year 2002; A 70 unit apartment house in Miami known as BARCELONA APARTMENTS, generating $8,000,000 revenues and $3,000,000 net income in 2002. ENCORE SERVICES, INC. a NRES subsidiary will be the primary contractor for company developments.

The company is seeking acquisitions and land for real estate developments.

Forward-looking statements in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, competition, completion problems, technological changes and other risks.
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Publication:Business Wire
Date:Feb 14, 2001
Words:471
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