July 11, 2006 09:30 ET

Empyrean Holdings, Inc. Improves Bottom Line by $1 Million With Completion of Phase II of Corporate Development Plan

HOUSTON, TX -- (MARKET WIRE) -- July 11, 2006 -- Empyrean Holdings Inc. (OTCBB: EMPY), a national diversified holding company, is pleased to report that as provided in the Addendum to the Share Purchase Agreement of April 8, 2005 finalized with Hesperia Advisors Limited, the company has acquired another three unencumbered town homes with a total appraised value of $561,000. This accomplishment coupled with the $430,000 positive impact to Empyrean's financials with Phase I of its Corporate Development Plan, has created a nearly $1 million cumulative improvement to the company's bottom line over the past two weeks.

The titles for these town homes have been deeded to Empyrean Properties, Inc. (EPI), Empyrean's wholly owned subsidiary that will be active in the Real Estate Sector. Empyrean Holdings is developing Empyrean Properties to accumulate hard assets such as the properties acquired above while pursuing a diversified portfolio of investments in the more lucrative sectors of the Real Estate market.

CEO Robert L. Lee stated, "With the completion of the first two phases of our Corporate Development Plan the company's bottom line has been improved by nearly $1 million. The residential property ownership with clear title now stands at just under $780,000 or approximately $0.10 per common share. We are extremely serious about building a successful and stable company without being seduced by the common stock issuance pitfalls afflicting some small cap companies. We have adopted a more traditional approach to asset development while focusing on the fundamental analysis of our firm. After almost a year of quietly planning with our strategic partners and primary shareholders, we will have a very active remaining 2006 and beyond. Plans for Empyrean's other wholly owned subsidiary, Empyrean Financial Services, Inc., are also being pursued and we expect to make an important announcement regarding those operations in the near future."

Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.