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Shadow Creek Ranch Names General Manager

HOUSTON, TEXAS (June 9, 2003)

Gary Cook, Developer of Shadow Creek Ranch, today announced the appointment of Drew Pelter to the General Manager position.

Pelter is the principal of Pelter Construction Group, LLC, a land development and general construction firm responsible for the general management for Shadow Creek Ranch, a 3,300 acre major, master planned community in Pearland, Texas. Shadow Creek Ranch is located just one mile south of Beltway 8 at Highway 288 and Shadow Creek Ranch Parkway.

"Drew is eminently qualified to take on the management and development role for this community,"said Cook. "He will play a major role in the construction and development of all aspects of the community, from the homes and recreation centers to the retail and commercial outlets."

Pelter has over 13 years in the construction and development industry overseeing projects in five states with such companies as E.A. Collins Development Corp., Steel Developers, CPS (contractor to the Rouse Corporation), and Reno Iron Works.

In 2000, Pelter was named President of E.A. Collins Development Corp., following the death of its founder, Al Collins. Pelter has been with E.A. Collins Development since 1995 and has assembled more than 3,500 acres of land for several residential and commercial communities. Pelter has generated over $35 million in real estate sales in the past four years. Additionally, he maintains the position of President for Steel Developers, L.L.C., a framing company that utilizes the renewable resource of steel. Steel Developers has framed over 500 homes in southern Nevada and several commercial buildings since its inception in 1994. For more than seven years Pelter has served as a member of the Board of Directors of the SSMA, an association representing approximately 80 percent of all light gage steel manufactured in the United States.

Pelter is a 1992 graduate of the University of Nevada at Reno with degrees in business and pre-law.

For more information on Shadow Creek Ranch call 281-412-0399 or visit the web site at www.shadowcreekranch.net.