Mile High Capital Group Breaks Ground in Bellmead, Texas, to Begin a Two-Phase Development

Business Wire, July 28, 2005

BELLMEAD, Texas -- Fifth graph, second sentence of release dated July 27, 2005, should read: One of the key performance indicators is the market overview from the Real Estate Center at Texas A&M University, who published the average rental vacancy in the Waco area at 4.0%, and average rental rates at $.71 per square foot in structures built since 2000 (sted One of the key performance indicators is the market overview from the Texas Real Estate Center, who published the average rental vacancy at 4.5%, and average rental rates at $.88 per square foot in structures built since 2000.)

The corrected release reads:

MILE HIGH CAPITAL GROUP BREAKS GROUND IN BELLMEAD, TEXAS, TO BEGIN A TWO-PHASE DEVELOPMENT

Mile High Capital Group, Ltd., a Denver, Colorado-based real estate developer, announces breaking ground on one of its first out-of-state projects and will begin a two-phase development.

Mile High Capital Group will begin Phase One, building single-family homes featuring: fenced-in backyards, appliances, landscaping, sprinklers and amenities. Phase Two will consist of duplex units with the same features as the single-family homes.

The Phase One and Phase Two developments are scheduled to begin in August. Phase One is projected to be completed by First Quarter 2006 and Phase Two is projected to be completed by Fourth Quarter 2006.

The Mile High Capital Group development will be in the Belle Meadows community, which is conveniently located near several new retail centers and strip malls. "Big Box" retailers such as Home Depot(R), Super Wal-Mart(R) and Kmart(R) Super Center will also be within walking distance.

Mile High Capital Group has selected this location due to several factors. One of the key performance indicators is the market overview from the Real Estate Center at Texas A&M University, who published the average rental vacancy in the Waco area at 4.0%, and average rental rates at $.71 per square foot in structures built since 2000. Population growth has been projected by the Texas Water Development Board to increase by 16%, making it a prime location for Mile High Capital Group to build.

Mile High Capital Group is also breaking ground in a development in Pflugerville, Texas, near Austin.

About Mile High Capital Group, Ltd.

Founded 12 years ago as a builder and developer of single-family attached homes, Mile High Capital Group develops subdivisions around the country in areas it has identified as possible high-growth areas with a rental need, and sells its products usually to non-owner-occupied purchasers. Its products are a variety of condominium complexes, single-family attached or detached homes, usually with oversized garages and a specific range of renter-attracting amenities. Mile High Capital Group's management has over 100 years' combined experience building and developing homes, and markets a complete program to include: project infrastructure, single-family attached homes, landscaping, and all property upgrades.