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HomeSphere, a Closely Watched Leader in the Homebuilding Sector,
Captures Capital for Growth, Customer Acquisition, and Software
Enhancements
Golden, CO-February 25, 2004- HomeSphere, the leading provider
of cash incentive programs and accounting, project management, collaboration,
and bid-management software for the homebuilding industry, today
announced it has closed on a $1 million placement of capital funds
from Enhanced Capital Partners. The funding, structured as senior
subordinated debt, will capitalize HomeSphere's efforts to capture
additional customers, grow its cash incentive programs, and enhance
its industry-leading homebuilder software, which is sold under the
BuildSoft name. Today, HomeSphere already has contractual relationships
with builders responsible for well over 25% of yearly U.S. housing
starts, and more than 70 leading manufacturers of residential construction
products. BuildSoft is the most widely used builder-specific software
package in the $250 billion homebuilding industry.
Enhanced Capital Partners' private placement in HomeSphere is a
strong indication of HomeSphere's current value, management, and
prospects for growth. Private placement of venture capital in the
homebuilding technology sector has been extremely rare over the
last three years, despite the sustained, strong growth in the industry.
A $1 million placement is a compelling indication of the future
value of HomeSphere, as it expands on its market-leading position.
In addition to HomeSphere's highly successful Builder Resources
Incorporated (BRI) cash incentive program-which provides new-product
marketing and manages cash incentives for manufacturers- HomeSphere
has recently experienced a spike of interest in its new BuildSoft
Enterprise software program and its widely used BuildSoft program,
which has just been upgraded to Version 4.0. At the recent International
Builders' Show, HomeSphere processed a remarkable volume of customers,
prospects, and leads.
"Any astute company knows that access to capital is a requirement
for accelerated growth," said Jim Waldrop, chairman and CEO of HomeSphere.
"This venture capital placement will not only fuel our growth, it
also serves as a vote of confidence by a respected outside company
in the promising future of HomeSphere."
"The homebuilding software and services space has great potential
and HomeSphere is well positioned to capitalize on it, " said David
Orlandella, managing director of Enhanced Capital Partners. "We
invest in companies with strong core value where we can accelerate
growth. HomeSphere fits this strategy and they will use the capital
to achieve their goals of expanding the business."
About Enhanced Capital Partners
Enhanced Capital Partners, LLC, formed in 1999, is a national investment
firm specializing in state-specific investments in small and emerging
companies with its private investment funds. Enhanced Capital seeks
to achieve capital appreciation while adhering to a mandate tailored
for a local investment approach. The company's goal is to promote
the growth and expansion of small businesses while attaining significant
returns for its investors by mentoring and leveraging additional
private equity for its portfolio companies through its partnerships.
The company has established investment funds in Colorado, Louisiana,
New York, and Alabama and is currently seeking investment opportunities
in those states. Enhanced Capital is in the process of establishing
new investment funds in Texas and Washington, D.C. For more information
about Enhanced Capital Partners, visit www.enhancedcapital.net.
About HomeSphere
HomeSphere Inc., based in Golden, Colo., is a leading provider
of software and services for the homebuilding industry. Builders,
contractors, manufacturers, and dealer/distributors can use HomeSphere
solutions to leverage the Internet to access user-friendly, online
information management, and tools for e-commerce, collaboration,
scheduling, bidding, and communicating. Through HomeSphere's cash
incentive program, BRI, its accounting and project management ERP
systems, BuildSoft Enterprise, BuildSoft, and its online collaboration
tools, TheJobSite and TheJobSitePro, HomeSphere already has contractual
relationships with builders responsible for well over 25% of yearly
U.S. housing starts, and over 70 leading manufacturers of residential
construction products. For more information about HomeSphere, visit
www.HomeSphere.com.
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Contact:
Tracy Aiello
JohnstonWells Public Relations
1512 Larimer Street, Suite 700
Denver, Colorado 80202
(303) 623-3366
taiello@johnstonwells.com
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