Richmond, VA, November 1, 2000 – Tranzon, L.L.C. announced today that Fox and Associates has joined Tranzon as one of the founding companies. Fox and Associates will begin trading under Tranzon Fox. Tranzon, L.L.C. is the first truly national Real Estate Auction firm; the company will service all major US metropolitan areas by the end of 2002.

Time sensitive sellers of U.S. real estate desire a single company that can meet their real estate disposition needs. Through Tranzon, these sellers can streamline the auction company selection process, minimize the time and cost of managing their auctions, and receive a consistent, high quality level of service. Tranzon provides uniform training and technology programs to its associates and companies, which gives Tranzon’s associates the tools necessary to deliver its clients professional, effective and efficient auction services.

Tranzon Fox is led by founder Steven I. Fox, and serves the Middle Atlantic States from its offices in Virginia Beach, Richmond and Fairfax, Virginia. Tranzon Fox has significant experience in all types of real estate and commercial property auctions with special expertise in serving financial institutions, bankruptcies and estates. Steve Fox founded the company in 1990 and is the chief visionary behind the formation of Tranzon. Mr. Fox serves on both Tranzon’s Executive and Management Committees and is a Regional President for Tranzon. He is a graduate of the University of Virginia and is a holder of the Certified Auctioneers Institute (CAI) and the Accredited Auctioneer of Real Estate (AARE) professional designations.

The Tranzon companies specialize in providing real estate auction services to institutions, trustees and individuals throughout the US. The Tranzon companies have successfully auctioned virtually all types of real estate and have a depth of knowledge and regional market expertise that can only be afforded by the regional experience of its companies. The geographic breadth of the Tranzon companies allows it to serve sellers with properties throughout the US, as well as individual real estate owners on a local basis.

Steven Fox, Phone (757) 473-3000