PINPOINT PROPERTIES TO MERGE WITH THE DILWEG COMPANIES

Pinpoint Properties, a commercial real estate development company, announced on Monday that it would merge its operations with The Dilweg Companies. The Dilweg Companies is a diversified commercial real estate investment firm headquartered in Durham, North Carolina. The newly combined company will continue to operate under the name of The Dilweg Companies. The terms of the merger were not disclosed.

Pinpoint Properties, which specializes in developing retail, medical and flex office buildings, said it expected the deal to immediately add management strength and capabilities, creating a truly full-service real estate investment firm with a total portfolio value of +$300 million. Together, the companies will offer four major real estate investment services — Development, Asset Management, Property Management, and Leasing.

Bruce Knott, head of Pinpoint Properties, said the deal would “formalize a long standing partnership between the companies and provide a strong foundation for growth moving forward.” Mr. Knott will join the company as Chief Operating Officer. He brings +10 years of development expertise to The Dilweg Companies. Prior to establishing his real estate career, Mr. Knott held various management positions at IBM in Research Triangle Park including North American Materials Operations Manager, where he was responsible for procurement of $2 billion dollars of components to support IBM’s Personal Computer manufacturing. Mr. Knott also directly managed IBM’s Personal Computer manufacturing in Research Triangle Park, which produced 30% of the firm’s global PCs. He graduated from Duke University with a Bachelor of Science in Electrical Engineering and later received his Masters in Business Administration from Duke University.

Joni Barnes will also be moving over from Pinpoint Properties to the new entity, where she will serve as a sales and leasing specialist with an emphasis on office condominium space, general brokerage and tenant representation. Ms. Barnes joined Pinpoint Properties as the Sales and Marketing Manager in February 2004. After a diverse professional career in the financial services sector, she entered the commercial real estate field in 2002 as an Acquisition Analyst with the Dilweg Companies. Ms. Barnes is an officer of the Triangle Commercial Association of Realtors (TCAR) Board of Directors as well as a committee member of Tacquire, TCAR’s commercial information exchange. She received a Bachelor of Science Degree in Finance from The University of Akron, Ohio and is a licensed Real Estate Broker in North Carolina.

Anthony Dilweg, CEO of The Dilweg Companies, said, “We are thrilled about the merger with Pinpoint Properties. This transaction will broaden our real estate expertise and position us for solid growth in the future.”

The Dilweg Companies is a diversified commercial real estate investment firm founded in 1999 and headquartered in Durham, North Carolina. To date, The Dilweg Companies has been involved in the development, acquisition, and sale of more than $500 million in asset value. The Company currently owns and operates properties throughout the Southeast from Newport News, Virginia to Raleigh-Durham and Charlotte, North Carolina, and the coastal region of South Carolina. For more information, please call (919) 402-9100 or go to www.dilweg.com.