Company Press Release
February 21, 2000
JUPITER, FL -- Arvida Realty Services, a business unit of The St. Joe Company (NYSE:JOE), has announced that it
has purchased certain assets of Angstrom Corporation Realtors located at 6671 W. Indiantown Road.
The announcement was made by Stan Cowherd, Jr., Regional President for Arvida Realty Services' Palm Beach County
Region and Angstrom Corporation Realtors' principal owner and President, Charles W. Whaley. With the addition of
Angstrom Corporation Realtors, Arvida Realty Services now operates 20 offices throughout Palm Beach County.
``Angstrom Corporation Realtors has been in business since 1978 and has enjoyed a solid reputation as one of the
leading brokerage firms that specializes in Jupiter's luxury and executive homes market,'' says Cowherd. ``We wanted
to expand our presence in the Jupiter-Tequesta area and saw an opportunity to partner with an outstanding real
estate firm that shares the same professional ethics that we do. The combination of a long-established and successful
reputation and an outstanding geographical location in the Gateway to Jupiter area makes Angstrom Corporation a
welcome addition to the company's Palm Beach County office network.''
``We decided to join Arvida Realty Services for a number of reasons including the company's reputation as a quality,
well-managed organization,'' says Whaley. ``Angstrom Corporation Realtors has always striven for excellent customer
service and giving our agents the most effective tools possible for success. We felt that we needed to affiliate
with a company that truly understands our business and could help us broaden our opportunities to better serve
our clients and enhance our associates' marketing abilities. For us to grow, keep pace with technology and meet
customer demands, we saw a partnership with Arvida Realty Services as the ideal solution.''
Angstrom Corporation Realtors currently has 29 sales professionals affiliated with the office. Angstrom is licensed
as Certified General Contractors and Real Estate Brokers. Whaley's experience in development and construction in
Tallahassee led to his establishing his own company in Jupiter and concentrating on custom home building. He averaged
10 new homes a year and handled light commercial and commercial improvements. Real estate brokerage services were
added to the firm in the early 80s. Since that time, general real estate has become a significant part of Angstrom
Corporation business plan. In 1999, the company generated $31.5 million in sales volume and handled 180 transactions.
Charles Whaley will remain with the company as Sales Director. Mikie Porfidio, Managing Broker of Arvida Realty
Services' Jupiter office will oversee the Indiantown Road operation as well.
Headquartered in Clearwater, Arvida Realty Services is the state's largest independent real estate brokerage and
the 5th largest in the nation with more than 95 offices located throughout the state and 3,000 licensed sales professionals
and 700 employees affiliated with the company. It offers residential and commercial real estate sales, relocation
services, asset and property management, title and mortgage services, annual and seasonal rentals, resort management
and international real estate marketing. The company generated $6.5 billion in sales in 1999.
The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate company. It
is engaged in community, commercial, industrial, hospitality, leisure and resort development, along with residential
and commercial real estate services. St. Joe is comprised of two real estate development arms, St. Joe Commercial
and Arvida, each with a services component. The company also has significant interests in timber.
For more information about Arvida Realty Services, see the company's web site at www.ArvidaRealty.com.
More information about St. Joe can be found at the St. Joe web site, www.joe.com.
The above discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Such statements are based on current
expectations and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance
may differ materially from that indicated or suggested by any forward-looking statement contained herein.
``Arvida'' is a registered trademark. ``Arvida, a St. Joe Company'' and the ``taking flight'' logo are service
marks of The St. Joe Company.
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Contact:
Arvida Realty Services, Clearwater
Linda Burger, EVP
Marketing & Communications
727/723-6004
Email: lburger@arvidaservices.com