Tri-National Announces Shopping Center Sales and Leases

Business Wire, Dec 16, 1999

SAN DIEGO--(BUSINESS WIRE)--Dec. 16, 1999--

Tri-National Development Corp. (OTC BB:TNAV) announced today that through its majority-owned Mexican subsidiary, Tri-National Holdings, S.A. de C.V., it has executed 56 contracts for its shopping center, Plaza del Sol, to retail firms including Tel Cel, Banco Bital, Pegasso, Burger King and a cinema company for a new 10 screen movie theater. As previously announced, the Company received the required zoning approvals and opened a bank escrow for the funds being generated from the lease and sale of its 187,500 square foot shopping center, as commercial condominiums.

Of the 56 contracts the Company has executed to date, the sales contracts have an average of 30% in down payments based on an average price of $170 per square foot, and the lease contracts require two-month payments in escrow at an average of $2 per square foot per month. The total of sale and lease contracts to date represent in excess of 75,000 square feet. The down payments will remain in escrow until the Company has completed the improvements, including paved parking lots and landscaping, which are well underway. The Company has projected a complete sellout of the shopping center by January 31, 2000 and will maintain a 20-year management contract on the property.

The shopping center is part of the purchase of Plaza Rosarito, which the Company completed in July of 1999. Plaza Rosarito is located in the heart of Playas de Rosarito in Baja California Norte, Mexico, 15 miles south of San Diego, California on the Pacific Ocean, just minutes from the 20th Century fox film studio where "Titanic" was filmed and down the street from the famous Rosarito Beach Hotel. In addition to the shopping center, the Plaza Rosarito acquisition includes 15 acres of undeveloped oceanfront land approved for a $38,000,000 development loan by Fonatur, the tourism arm of the Mexican Government, to build a 450-room hotel with a convention center. It also includes 52-developed residential lots; and an 80% complete 36-unit condominium complex, sitting on an additional 6 acres of prime real estate, now being prepared for sale.

This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors.

FOR MORE INFORMATION SEE WWW.TRI-NATIONAL.COM.

Tri-National Development Corp. is an international real estate development and management company.