Richmond, VA September 21, 2003 : As the third quarter of 2003 closes, Tranzon LLC reports record-breaking growth tied to the increase in popularity in U.S. markets of using live and sealed-bid auctions to sell everything from a $2.7 million trophy home in the midst of a Memphis-based "War of the Roses" to the $17 million sale of a major hotel property in California’s Manhattan Beach.

Founded in November of 2000, Tranzon is a nationwide auction and accelerated marketing firm with headquarters in Richmond, VA. Individual Tranzon members have decades of experience in the field. What distinguishes Tranzon from competitors is its strategy of combining a national network of experts with the local expertise and presence demanded by those seeking its services: bankruptcy and estate attorneys, special assets managers at banking institutions, corporations and individuals.

According to Tranzon President Jeff Levin, an example of this strategy in action was the recent $17 million sale of a 176-unit Residence Inn in Manhattan Beach, CA positioned about a mile from the beach.

Stephen Karbelk, executive vice president with Tranzon’s northern Virginia operation, signed the deal, convincing the Mid-West – based owner that a professionally marketed foreclosure auction sale was the way to go and Tranzon’s advantageous combination of national and local expertise would best maximize the value of the asset. Brought in to provide the local connections and an on-site presence was Tranzon’s California group, based in the Los Angeles metro area and co-headed by Mike Walters and Jeff Tanenbaum.

Both Karbelk and Walters "worked the floor" while Tanenbaum served as auctioneer – all sensitive to the fact that the property still operated as a working hotel.

"When you’re dealing with a foreclosure property you’re actually dealing with a smaller universe of buyer separated only by ability – not geography. Someone based in L.A. or Chicago, for example, may very well be interested in property in Dallas or New York. Tranzon has a unifying umbrella network of high-level professionals who have a database of contacts throughout the U.S. that really mirror your buyer’s pool," says Peter Anderson, a principal partner with Santa Monica, CA – based Anderson & Assoc., who served as the hotel’s court-appointed receiver.

Says Anderson, "Tranzon really adheres to the rules. Everyone has equal access to the information and files. Tranzon’s execution is very crisp and the lines are never blurred, so you’re better able to anticipate the outcome with them. They have a real sensitivity for the client’s agenda and their people are very professional without losing their human side, which also makes them very approachable and personable."

Anderson also saw the term "accelerated marketing" in action.

The Tranzon team, working under strict confidentiality agreements, created an intensive three-week marketing campaign that met tight promotional parameters. Although ads placed in publications including the powerful Wall Street Journal and Los Angeles Times needed to be fairly generic, they garnered the needed results and worked well in tandem with other marketing strategies.

According to Tiffeny Cook, those additional marketing strategies included an impressive 400-page property information package burned onto a CD-Rom, individually targeted E-mail and other direct-mail materials distributed to select prospects culled from Tranzon’s well-researched national list. Cook is marketing director for Tranzon’s California group and says the promotional team had less than two weeks to devise the strategy, develop the creative materials, place the media buys and get the advertising in front of the correct target groups – a quick turnaround that serves as testament to Tranzon’s reputation for moving fast under pressure to get maximum dollars for clients.

More than 1500 phone calls were fielded in response to the three-week promotional campaign and 417 confidentiality agreements were signed resulting in the delivery of full information packages.

Held on the hotel’s front steps – outside, as required under the trustee’s notice – the live auction attracted 150 people. Walters says 22 bidders were registered and the deal was completed earlier this summer with the property going to an L.A. – based investor who formed a partnership to purchase the all-suites hotel.

Based on the success of this deal – which was the first time Anderson had worked with Tranzon – he recommended the team for another big project: the September 18 sale of the Simi Valley Plaza in Simi Valley, CA. This sale also was highly successful, with the property going for $15.5 million at a fast-paced auction where bids increased $1 million at a time, according to Tanenbaum, who said 17 parties posted the required registration deposit of $250,000 – an excellent showing.

The Tranzon team approach has generated better-than-expected results for other clients across the U.S. in addition to the Residence Inn deal.

Tranzon’s Houston operation worked in concert with its Ft. Worth, TX - based group to tag-team the foreclosure sale this summer of a convenience store in the region that garnered a half-million dollars – well in excess of the lender’s sales objective. According to Kelly Toney, a vice president with the Houston operations, the client was "highly pleased."

Dwight Toney, regional president of Tranzon’s Houston operations, says another recent summer success centered on Tranzon’s expertise in the oil industry and was the culmination of more than 18 months of preparation for an auction held on behalf of client Global Santa Fe (GSF). The company was formed two years ago from a merger between Global Drilling and Santa Fe drilling: two domestic as well as international powerhouses in the land and off-shore drilling markets.

Sensitivities in-house abounded due to the merger and extra deliberation was required on the client’s part to ensure all marketing materials and contracts had "’I’s’ dotted and ‘t’s’ crossed," says Toney.

Tranzon crews set up equipment for nearly five weeks in advance of the auction and changes occurred up to the last minute, requiring Tranzon to move fast with the flow. The sale garnered $1.1 million in gross revenues with more than 70 buyers registered live and on-line – the internet proving its mettle as another solid way to communicate and market.

For Tranzon client First State Bank, in Iowa, the live auction of a farm covering 148 acres in a local area marked the first time the bank pursued the live auction route.

According to Donna Vreeland, a vice president and trust officer for the bank, "Usually we’ve done sealed-bid auctions. In this case, we thought it would be better to do a live auction. Tranzon was very professional, did a fine job and we were very pleased with the results."

Vreeland selected Tranzon’s Iowa – based group to handle the live auction and has known Tranzon’s Regional President Marty Rogers for years. Rogers received recent recognition at the National Association of Auctioneer’s international convention in Texas this summer, coming in second in the men’s division of the 54th International Auctioneer Championship and competing before 1400 of his peers. With more than 7,000 members nationwide, the NAA is the largest, most respected organization in the industry.

As of today’s date, Tranzon has 113 auction and sales listings in progress in 23 states. To view the listings click on the link http://www.tranzon.com/search.aspx

Tranzon LLC has 11 member companies that together conducted auctions, sealed-bid sales and liquidations in 32 states and the District of Columbia last year – figures that have grown in 2003. The network of professionals specializes in providing real estate, business asset, liquidation auction and accelerated marketing services to clients throughout the U.S. Tranzon is increasingly known for the diversity of its expertise in areas including the hotel industry, multi-million dollar corporate and trophy real estate, oil and automotive fields, agriculture, computers and telecommunications and more. Visit the Tranzon website at www.tranzon.com.