SOURCE: Haz Holdings, Inc.

November 13, 2007 08:29 ET

HAZ Holdings, Inc. Receives Completed Appraisal on Canadian Hotel Property in Edmonton, Alberta

Appraisals on All Current Holdings Are Complete in Advance of Upcoming Audited Financial Statements

FEDERAL WAY, WA--(Marketwire - November 13, 2007) - HAZ Holdings, Inc. (PINKSHEETS: HAZH), which manages a portfolio of full-service hotels, today announced that the company has received the completed appraisal of its hotel property in Edmonton, Alberta, Canada from the appraiser that was retained to determine the current value of Edmonton hotel asset. Appraisals were also recently completed on the company's two U.S. properties, which are located in Houston, Texas and San Antonio, Texas.

The completed appraisals will be used as part of the effort to establish the current asset value of the company's hotel ownership portfolio. The asset value is an integral aspect of completing the financial statements to bring the company current in its financial filings and to satisfy the requirements of institutional investors who are being targeted as future long-term investors for HAZ Holdings.

Work to complete the company's past financial statements has been initiated, and the independent auditing firm of Gruber & Company, LLC has been engaged to complete the audit of HAZ Holdings' financials, including annual reports for the last three fiscal years. HAZ Holdings believes that by filing all past financial statements, the company can be properly positioned in the public markets as it executes its growth strategy. This effort may include the pursuit of a listing in a market that would attract institutional investors.

"We are pleased to have completed the appraisals of all three properties in HAZ Holdings' hotel ownership portfolio," stated Dr. Karim Bhanji, CEO of HAZ Holdings, Inc. "These appraisals are expected to form the basis for the company's current asset value, as reported in the anticipated upcoming financial filings. We are satisfied with the results of the appraisals and look forward to increasing the asset value of the company through additional future hotel acquisitions."

HAZ Holdings recently announced an agreement with an investment banking form for financing of up to $100 million for expansion of HAZ Holdings hotel ownership portfolio.

HAZ Holdings' five-year business plan is to increase its hotel ownership portfolio by acquiring hotel properties that range in size from 100-300 rooms per property. The company's primary focus for hotel acquisitions is in North America, but once its has met its North American goals, HAZ Holdings plans to develop and acquire hotel properties in Europe and Asia.

Shareholders and anyone interested in following the progress of the company are encouraged to subscribe to the company's mailing list located at http://investors.hazholdings.com/ealert.php, through which HAZ Holdings disseminates newly disclosed information, including press releases, notices of SEC filings, investor newsletters and other material, to subscribers directly by email.

About HAZ Holdings, Inc.

HAZ Holdings owns and manages three mid-scale, full-service hotels in the United States and Canada, under the brand names "Hotel Monarchy & Suites" and "Monarchy Inn & Suites" (www.hazhotels.com). HAZ Holdings' five-year business plan is to increase its hotel ownership portfolio by acquiring hotel properties that range in size from 100-300 rooms per property, while concurrently franchising additional hotels under its brand names. The Company's portfolio also includes the following wholly owned subsidiaries: Mortgage and Financial Institute, LLC (www.mfibanking.com), a mortgage brokerage company specializing in commercial and residential lending in Washington and Alaska; Nationwide Hotel Management, LLC, a hotel management company; KB Realty Group International LLC, a commercial and residential real estate sales company; Evergreen Sound Construction, LLC, a commercial and residential development company; and DoTravelDeals (www.dotraveldeals.com), a global travel booking engine.

This press release may contain "forward-looking statements." Although we believe that the expectations reflected in any forward-looking statements are reasonable, HAZ Holdings cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which HAZ Holdings bases its predictions and/or forward-looking statements could materially affect its actual results.

Contact Information

  • CONTACT:
    Gemini Financial Communications
    A. Beyer
    951-677-8073
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