Press Release: Whitemark Homes, Inc.
July 3, 2002
ORLANDO, FL -- Whitemark Homes, Inc. (OTCBB:WTMK), a leading homebuilder in the Southeast, announced that it is
preparing to begin the second phase of its Cypress Breeze Plantation community in North Florida.
Cypress Breeze Plantation can best be described as lush serenity. Located in Santa Rosa Beach, Florida - Cypress
Breeze Plantation is a 160 lot development consisting of four phases. Phase one, 23 lots, is already developed,
with sales models expected to be completed no later than July of this year. Phase two will accommodate 30 lots,
with the remaining 107 lots divided into phases three and four. Great care was used in the planning of this community
in order to preserve as much of Florida's natural environment as possible. Located just a half mile north of Ed
Wallin State Park means, the beautiful white sand beaches of the Gulf of Mexico are only minutes away.
Due to accelerated absorption rates for single family housing over the last few years, this area is virtually void
of new residential construction. Cypress Breeze Plantation is the last remaining tract of land over 100 acres within
the surrounding area. This community is poised for a rapid sell out due to the lack of competition in the vicinity.
The area market is strong which was illustrated by the rapid sales accomplished by the high profile community Watercolor
by St. Joe.
Within the community will be a 13,000 sq. ft. Pool, complete with two, twelve foot water falls. This pool, which
is modeled after a roman spa, contains many rock formations and enclaves along with picnic tables, and sun decks.
Surrounding the pool area are 16 "pool frontage" lots with an average sales price of $200,000 each. Of
these 16 lots, all of them are currently on reserve.
Larry White, President and CEO of Whitemark stated, "The Cypress Breeze Plantation community is really an
innovative project. The use of an oversized pool, lush landscaping and original home designs, give homeowners a
unique atmosphere while being only minutes away from the beach. The community has been well received and we expect
sales to remain brisk."
Whitemark Homes, founded over 20 years ago, has built a well-respected reputation for high quality real estate
development. The Company has over $58 million in sales backlog from their twenty-five residential projects currently
in development or build-out phase. The Company specializes in the development of vacation resort and condominium
communities, which accommodates the ever-growing baby boomer and retirement markets, both domestically and internationally.
The Company also targets specific market niches such as the entry level, first time homebuyer by providing a quality
product and innovative financing programs. In addition, the Company provides a number of mortgage financing services
through Home Funding, a wholly owned subsidiary.
No stock exchange or Securities Commission has approved nor disapproved the statements in this release. The information
herein contains "forward-looking" information within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding expected continual
growth of the Company. In accordance with the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, the Company notes that statements contained herein that look forward in time, which include everything
other than historical information, involve risks and uncertainties that may affect the Company's actual results
of operations. Factors that could cause actual results to differ include the size and growth of the market for
the Company's products, the Company's ability to fund its capital requirements in the near term and in the long
term, pricing pressures, etc.
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Contact:
PR Financial Marketing LLC, Dallas
Investor Relations: Jim Blackman, 214/514-1234
Jimblackman@prfinancialmarketing.com