SOURCE: Haz Holdings, Inc.

September 04, 2007 09:27 ET

HAZ Holdings, Inc. Announces Engagement of Appraiser to Establish Current Value of Hotel Properties

Appraisals Will Be Used for Audited Financials Statements and to Target Long-Term Institutional Investors

FEDERAL WAY, WA--(Marketwire - September 4, 2007) - HAZ Holdings, Inc. (PINKSHEETS: HAZH), which manages a portfolio of full-service hotels, today announced that the company has retained a hotel appraiser specialist to conduct appraisals of its domestic hotel holdings. The hotel appraisal specialist has experience in the majority of U.S. markets and has appraised over 1200 hotel properties.

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.

The company has selected Gruber & Company, LLC to complete HAZ Holdings' past financial statements, including annual reports for the 2005 and 2006 fiscal years, as well as all three quarterly reports for 2007. 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.

In addition to the appraisals of HAZ Holdings' domestic hotel properties, the company is also identifying an appropriate Canadian company to conduct the appraisal of the HAZ Holdings' property in Canada.

"The appraisals are an important element of our efforts to show the true value of the company's asset base and to upgrade the position of HAZ Holdings in the public markets," stated Dr. Karim Bhanji, CEO of HAZ Holdings, Inc. "In addition to including the asset value as part of our financial statements, we will use the appraisals as information for institutional and other investors who express an interest in taking a longer term position in the company's stock."

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

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    A. Beyer
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