SOURCE: Freshstart Properties Inc.

October 10, 2006 07:00 ET

Freshstart Properties Inc. Announces Acquisition of Investment Property

TACOMA, WA -- (MARKET WIRE) -- October 10, 2006 -- As part of its strategy to build a portfolio of rental property in the Pacific Northwest, Freshstart Properties Inc. (PINKSHEETS: FSPP) announces the acquisition of a single family home in Seattle, WA. The property is located at 10229 - 19th Ave SW in Seattle. The purchase price of $202,000 will be seller-financed by two notes, one long-term ($131,000), and one short term ($71,000). This transaction is expected to be finalized within the next 30 days.

Mr. Maherali, President and Chief Executive Officer, stated, "This property is located in a strong rental market and therefore makes a great addition to our well-selected portfolio of residential real estate. The acquisition highlights the continued growth potential in this region of the country for income-producing properties."

Freshstart Properties Inc. (PINKSHEETS: FSPP) is a publicly traded, real estate development company operating in the Pacific Northwest. The company's principal objective is to create equity and long-term earnings growth through the acquisition and development or renovation of undervalued and foreclosed real estate.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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