Weitzer Homebuilders Incorporated and Century Partners Group, Ltd. Sign Non-Binding Letter of Intent

Business Wire, Feb 18, 1999

MIAMI LAKES, Fla.--(BUSINESS WIRE)--Feb. 18, 1999--Weitzer Homebuilders Incorporated (OTC BB:WTZRA) announced that it has executed a non-binding Letter of Intent with Century Partners Group, Ltd. with respect to the acquisition by Weitzer Homebuilders Incorporated of substantially all of the homebuilding operations of Century Partners Group, Ltd.

In consideration for the acquisition of such assets, Century Partners Group, Ltd. will acquire a controlling interest in Weitzer Homebuilders Incorporated.

Such controlling interest will be acquired directly from Weitzer Homebuilders Incorporated and from its largest stockholder, Chai Capital, Ltd. Contrary to reports in the local media, the acquisition of certain assets of Century Partners Group, Ltd. by Weitzer Homebuilders Incorporated contemplated by the non-binding Letter of Intent are subject to numerous contingencies, including execution of definitive agreements, completion of each party's respective due diligence, and Board of Directors' approval.

It is anticipated that the senior management of Weitzer and Century will continue subsequent to the consummation of the transactions contemplated by the Letter of Intent.

Weitzer Homebuilders Incorporated is engaged in the design, construction and sale of single family homes and a leading builder of homes and townhomes for the entry-level and first time move-up homeowner market in Southeast Florida.

Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements which involve risk and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices, and filing discussed with the Securities and Exchange Commission.