Century Partners Completes Acquisition of Control of Weitzer Homebuilders; Transaction Creates Nation's Largest Publicly-Owned Hispanic Homebuilder

Business Wire, August 3, 1999

MIAMI LAKES, Fla.--(BUSINESS WIRE)--Aug. 3, 1999--

Weitzer Homebuilders Incorporated (OTC:WTZRA) today announced that Century Partners Group, Ltd., a leading South Florida developer, acquired a controlling interest in Weitzer Homebuilders.

With the acquisition of control of Weitzer, Century becomes what is believed to be the largest publicly-owned Hispanic homebuilder in the nation.

According to terms of the Agreement, 8,855,000 shares of Class A and Class B common stock of Weitzer were sold to Century by an affiliate of Weitzer for $10 million. Century also acquired options to purchase an additional, approximately 22.1 million shares of Weitzer common stock for $25 million.

Weitzer President, Harry Weitzer, said that the completion of the Agreement marks a milestone in the Company's 20-year history. "To effectively compete in the South Florida housing market you not only have to be savvy, but you must have extensive financial resources," Weitzer said. "Century Partners brings those resources to our company and the combined entity immediately becomes a formidable player in the South Florida market."

The company, which will operate under the name Century Builders Group, is engaged in the design, construction and sale of single family homes and townhomes for the entry-level and first time move-up home buyers in South Florida.

"We are delighted to be aligned with a company so highly regarded for its quality reputation," said Century Partner's President Sergio Pino. "The Weitzer organization also gives us added capacity to vastly expand our current market penetration," Pino added. "We're confident this alliance will give Century Builders Group the capability to become a dominant regional development company."

The statements made above relating to Century Builders Group becoming a formidable player, having the capability of becoming a dominant regional developer and having the capacity to vastly expand its market penetration are forward-looking statements within the Private Securities Litigation Act of 1995. Some or all of the results anticipated by these forward looking statements may not occur. Important risks that could affect the anticipated results include material increases in interest rates, building supplies or other inflationary pressures; instability in the South Florida economy and changes in competitive factors, as well as those risks contained in Weitzer's reports filed with the Securities Exchange Commission..