Whitehall's Subsidiary Records $26.5 Million in Mortgage Originations
for the Month of March
Continued Growth Expected for Alternative Lending Group
MIAMI--(BUSINESS WIRE)--April 20, 2001--Whitehall Enterprises, Inc. (OTCBB:WTHL - news), announced today that preliminary financial results for
the Company's fiscal second quarter ending March 31, 2001, are exceeding original internal forecasts as well as proving that its mortgage banking
division, Alternative Lending Group (ALG) is continuing positive and profitable growth over the previous period ending December 2000. For the month
of March, ALG posted just under $26.5 million in total mortgage originations, a company record. As a result of the declining interest rate markets, the
Company has seen its highest loan origination volume to date. The Company's 2001 fiscal second quarter ended on March 31 and financial results
should be submitted to the SEC no later than mid-May.
Whitehall's subsidiary, Alternative Lending Group (ALG), has been experiencing a significant increase in referrals and leads during the second
quarter. The increase of referrals and leads is a direct result of the current downward trend in the interest rate markets that ultimately has increased
the number of ALG's overall loan originations and volume during the past quarter. ``These potential clients are seeking to capture favorable rates for
home loans and purchases as well as refinancing on existing mortgages and loans. We expect the overall growth of the credit markets to continue in
a positive direction for consumers throughout the remainder of 2001,'' said ALG's President, James P. Mack.
The negative economic environment surrounding the global equity markets is causing an increase in money supply for banks. In addition to the
Federal Reserve's recent rate cuts, an increase in money supply will inevitably lower interest rates for consumers. ALG is currently offering 1 or 3
Year Adjustable Rate Mortgages and 30 Year Fixed Rate Mortgages as low as 5.5% and 6.875%, respectively. ``Compared to other banks our size,
we offer some of the most competitive rates available. This is a great time for consumers to borrow money and even a better time to be a lender,''
said Whitehall's President and CEO, Luis Alvarez.
Additionally, NASDAQ informed the Company the OTCBB Limit Order Protection Pilot Program is anticipated to begin sometime in May 2001;
however, no specific date has been confirmed.
Whitehall Enterprises Inc. (OTCBB:WTHL - news) is a growth oriented holding company targeting business acquisitions, which will contribute a
diversified asset base and positive cash-flow for the company and it's $71 million tax loss carry-forward. Whitehall Enterprises' current business
activities include marketing of hair growth stimulation products and hair loss prevention technologies, a state-of-the-art medical diagnosis software,
plus mortgage banking within 12 states of the U.S., including the issuance of residential title insurance policies.
The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor'' for forward-looking statements. Certain information included in this
news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises, Inc.)
contains statements that are forward-looking, such as statements related to consummation of the transaction, anticipated future revenues of the
companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could
significantly affect anticipated results in the future and accordingly, such results may differ materially from those expressed in any forward-looking
statements made by or on behalf of Whitehall Enterprises. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises,
Inc.'s filings with the Securities and Exchange Commission, including Forms 10K and 10-Q.
Investor Relations Services Inc., New Smyrna Beach, Fla.
Tom Biggs, 386/409-0200 or 904/409-0200