National Rehab Properties, Inc. Annual Stockholder Meeting

19 September 2000

National Rehab Properties, Inc. Annual Stockholder Meeting

    MIAMI--Sept. 19, 2000--National Rehab Properties, Inc. (OTCBB:NRPI.OB) announced that the Annual Stockholder Meeting occurred Sept. 12, 2000 at company offices. At the meeting the company name change to National Residential Properties, Inc. was voted and passed by quorum. Company attorney is making appropriate notifications to SEC and cusip notification. Likewise the board of directors for the next year was voted on and passed by quorum.
    Present at the meeting there were 15 stockholders of 2,401 total stockholders of record. Also present at the meeting were loan officers from Washington Mutual Bank, F.A. (www.wamu.com), who is financing Eagle Trace Subdivision for NRPI, and First Housing Development Corp. who is financing Granada Grand and Conquistador Plaza, NRPI's two apartment buildings. Also present was the company accountant. The representatives of the lenders and accountant all answered questions about the company and it's projects, as well as details of construction financing. Stockholders asked questions pertaining to construction draws, interest reserves, NRPI required equity in projects, NRPI qualification for mortgages as well as details pertaining to recently filed form 10QSB. Company President Richard Astrom followed with a brief talk about the company and it's present and future projects. Following the meeting there was a tour of the 3 company projects, Granada Grand, Conquistador Plaza and Costa del Sol for interested stockholders.
    Minutes of the meeting have been prepared for stockholders to be displayed on the company web site www.NRPI.com The web site is being updated to include minutes of stockholder meeting.
    This release emphasizes the company intention to keep NRPI investors informed about company operations.

ABOUT THE COMPANY

    NRPI, based in Miami, is a fully reporting company. The company's business is real estate development. NRPI projects are: building a 60 unit apartment house in Miami known as GRANADA GRAND, generating $8,500,000 revenues and $2,500,000 net income in 2001; building a 60 unit apartment house in Miami known as CONQUISTADOR PLAZA, generating $8,500,000 revenues and $2,500,000 net income in 2001; Now under construction, the company is developing a subdivision in Vero Beach, Florida, known as EAGLE TRACE. EAGLE TRACE is a heavily deed restricted, walled, gated community with a lake in the center. NRPI will build houses and sell lots to other builders. The sale of the lots in EAGLE TRACE will generate $1,500,000 net income in year 2001. A 60 unit condominium project known as COSTA DEL SOL, located on Bay Harbor Island, which will generate $10,000,000 in revenues and a $3,000,000 profit to the company in year 2002; ENCORE SERVICES, INC. is a licensed Florida contractor, which is licensed to obtain building permits and build the company developments.
    The company is seeking acquisitions and land for real estate developments.

    Forward-looking statements in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, competition, completion problems, technological changes and other risks.