SOURCE: Haz Holdings, Inc.

October 30, 2007 10:09 ET

HAZ Holdings, Inc. Receives Completed Appraisals of U.S. Hotel Properties

Value of Completed Appraisals Will Be Included in Upcoming Audited Financial Statements

FEDERAL WAY, WA--(Marketwire - October 30, 2007) - HAZ Holdings, Inc. (PINKSHEETS: HAZH), which manages a portfolio of full-service hotels, today announced that the company has received the completed appraisals of its hotel properties in the United States. The two current U.S. properties are located in Houston, Texas and San Antonio, Texas. A third HAZ Hotels property is located in Edmonton, Alberta, Canada, and a Canadian appraiser has been retained to complete the appraisal on that hotel asset.

The 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 Gruber & Company, LLC has been retained as the independent auditing firm 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.

"The completion of the U.S. appraisals is an important milestone in our efforts to establish the value of our current hotel assets," stated Dr. Karim Bhanji, CEO of HAZ Holdings, Inc. "These appraisals, combined with the anticipated appraisal of our Edmonton property, will provide an initial asset value, even as we plan additional acquisitions utilizing the recently announced financing of up to $100 million for expansion of HAZ Holdings hotel ownership portfolio.

"An increased asset base is one factor that we expect will allow us to upgrade the position of HAZ Holdings in the public markets with a listing in a market appropriate, and we look forward to additional future steps toward this goal," Dr. Bhanji added.

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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