SOURCE: LoftWerks, Inc.

June 30, 2005 07:45 ET

LoftWerks, Inc. (LFWK) Announces IPO: Finalizes $3.5M Financing to Complete $40M Urban Residential Restoration Project

NASHVILLE, TN -- (MARKET WIRE) -- June 30, 2005 -- LoftWerks, Inc. (OTC: LFWK) today announces its presence in the public marketplace concurrent with the launch of its latest real estate venture; a complete transformation of an inner-city icon located in Nashville, TN., The Ambrose Building, into a Luxury High-Rise residential community worth an estimated $40M at completion.

Dennis Ammerman, Founder and CEO of Loftwerks, Inc., made the announcement while overseeing the project, which is well underway. The Ambrose Building is a century-old, Nashville Landmark that personifies the core operational paradigm of the company, namely the restoration of existing historical structures Into elegant, high-end residences imbued with the culture and local character of their urban surroundings.

Loftwerks has previously converted six older buildings in Detroit into highly desirable living spaces and will spend approximately $4.7 million to replicate its successful renovation model on "Ambrose," located at 162 Fourth Ave. N., in the heart of downtown Nashville.

"We're excited to enter the public arena as a means to raise awareness about our projects and Increase Loftwerks capitalization options. The ever increasing and 'affluently-stable' market for URBAN LOFTS is so compelling, we simply couldn't refuse the benefits of a public market vehicle, and the sometimes trying process now appears to be worth the effort," said Ammerman.

The Ambrose building will offer a mix of what lofts are all about, including exposed brick walls and large, exposed wooden beams. In addition, there will be roof decks, balconies and an atrium in the rear of the building.

Ammerman and Charles Loveman, a former Los Angeles City Planner, will spearhead the project with Nashville building owners Ambrose Associates. The project has garnered the attention and assistance of noted architect Eric Powers of the Franklin-based Innovations Group. He will design the building aided by resident Nashville architect Rob Cochran, a respected local consultant. Cochran has worked on a number of renovations and restorations and states that the building was constructed between 1890 and 1910. "The challenge," Cochran said, "is taking a building over 100 years old and turning it into something appealing and functional to the level of efficiency demanded by 21st-century usage while, simultaneously, preserving the historic integrity and cultural influences of the building's origin."

Ammerman has planned a 1,600-square-foot sales and marketing office for LoftWerks, Inc. to anchor the first floor while the top floors of the four-story structure will be converted into thirty-plus condominiums ranging in size from 700 to 1,400 square feet. Consumer pricing for the units is estimated at $130,000 to $275,000.

This contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Forward-looking statements maybe identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions: "may," "could," "should" or "might occur." Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise Its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.

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