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Wulf International LTD Announces New Primary Business and

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xxrayeyes Member Level  Monday, 06/23/03 09:33:20 AM
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Wulf International LTD Announces New Primary Business and Intentions to Comply with SEC Reporting This Month
Tuesday June 17, 8:40 am ET

AUSTIN, Texas--(BUSINESS WIRE)--June 17, 2003--Wulf International, LTD (OTCBB:WLFO - News) announced a new management team and business plan, and the relocation of its corporate office to Austin, Texas from Grand Prairie, Texas.
The Board has approved an ambitious restructuring plan, changing its focus of operation from international real estate development to mortgage banking and loan servicing. The company will file an SEC 10k (annual) report this month, while taking dramatic steps towards operating as an income-producing business within ninety days, and by the end of the 4Q have a functional business platform, and ground work for the company's first profitable quarter in over five years.

Through equity participation, the company has acquired the business plans and partnerships of First Southern Capital Group. Through a joint venture, the company will have a virtual monopoly position in the origination and selling of government insured (FHA) Title 1 home improvement loans to over 2, 700 Title 1 licensees

Wulf will also acquire "Net Branch" mortgage companies which have operations in several states; last month (May), the companies soon to be part of Wulf, had volume exceeding $140,000,000 in FHA, VA, conventional, and sub-prime mortgages- for that 30 day period. These mostly autonomous mortgage companies will be co-managed in some financial functions, but all secondary marketing (the sale of the closed loans) will fall under the umbrella of Wulf International.

Combined production from the three companies, Wulf, First Southern Capital Group and only the first few of dozens of Net Branches, has the potential to exceed the nearly $1.7 billion (annualized) in closed loans. Revenue realized through loan services and management fees will begin within 90 days, and the company expects to begin selling the Title 1 product parallel to the advent of normal (retail) mortgage operations.

Progress in the Philippine low-cost housing project has been hampered by the financial distress of the Philippine banking and housing community. The country's (national) mortgage insurance agency became an unfortunate victim of illiquid capital markets, political and civil unrest, and certainly- restrictions applying to foreign investors that are penned within the Philippine constitution, itself. Several avenues of communication, however, were opened in the past year and the relationships will continue to be fostered by Executive Director, C. Lee Bruner, until he deems the project's fruition as either imminent or unobtainable.

Mr. Damien Cota, has accepted an appointment to return as President and will serve on the Board of Directors. Mr. Cota, residing in Austin, Texas and managing the new office- has 12 years of mortgage banking and underwriting experience with savings and commercial banks, and wholesale mortgage bankers. Key underwriting and origination offices will be opened in the next several months (internally or through partnerships) in other states such as Georgia, California, Arizona, and Michigan.

For more information, please refer to the new, official website: http://www.wulfintl.com or contact Wulf International at (512) 219-4053.

Forward-Looking Statements: Statements in this press release other than the statement of historical fact, including statements regarding the company's plans, beliefs, and estimates are "forward looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from the expected results. These forward-looking statements represent the company's judgment as of the date of this release.

Wulf International, LTD
Damien Cota, 512/219-4053

Source: Wulf International LTD

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