K2 Urban Corp

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June 3, 2003

K2 Urbancorp, LLC launches "New Urbanism" style development company; announces best of breed business partners, and acquires strategic "in-fill" properties around the city of Tallahassee.

K2, founded in December, 2002 by David B. Wamsley, Fincher W. Smith and Dr. Timothy A. Jamieson, has plans to begin immediate construction on its new line of Old Florida style bungalow homes and cottages. The homes, featuring historically accurately detailed architecture and interiors will be custom designed and crafted by a team of seasoned architects, designers and building materials specialists, and will represent what Wamsley believes is a "resurrected passion in the home building industry not seen since the bungalow boom of the early 1900's."

K2s strategic business partners include: Huffman Tarmey Architecture PA, the law firm of Ausley McMullen, accounting by Carroll and Company, and financing relationships with BB&T, Farmers and Merchants Bank and Wakulla Bank. Further, K2 Urbancorp LLC is working with Moore Bass Consulting, R.F. Gray Builders Inc., Design House, Inc., Luscious Lawns Landscaping, Tallahassee Floor Finishing, and Clay Adams Painting.

Spearheading the nations "New Urbanism" trend of smaller, better designed homes located within walking distance of a towns amenities, K2 has made several key land acquisitions including property at the corner of Hillcrest and Tennessee Streets. The company will renovate a 1939 home at this location and build two new bungalows on the adjacent properties all on schedule for a late 2003 completion. "I think K2 is right on target", comments Mark Tarmey, partner with Huffman Tarmey Architecture. "By combining excellence in design, with the passion to build unique houses that compliment the existing historic properties in Tallahassee, K2 may just have discovered an enormous new opportunity in the home building industry."

Further, K2 has secured several high profile lots at Arvida St. Joes new Southwood development community with plans to build its higher-end arts and crafts style product in this premier location. In addition, K2 is in the final stages of closing on its first full development project a new fifteen home site community located in the city limits of Tallahassee. K2 is particularly excited about this project as the product, while custom designed and built, will feature bungalows and cottages affordably priced and starting in the $160,000 price range perfect for 1st time homebuyers and empty nesters looking to simplify their lives.

K2 Urbancorp, LLC (K2), based in Tallahassee, Florida, builds authentically designed and crafted bungalow style homes and cottages with plans to become a national leader in the homebuilding industry. K2 will build its homes with a pride, passion, and attention to detail that has been seldom seen since the peak of the Bungalow Movement in the early part of the 20th century.