Founders Advises Handoff Wireless on Sale Leaseback of Corporate Headquarters

September 2004

Founders Investment Banking, LLC is pleased to announce that the sale leaseback of Handoff Wireless’ corporate headquarters and distribution facility has been completed. The new 50,000 square foot office/distribution facility, located in the Shelby West Corporate Park in Alabaster, AL, was purchased for approximately $2.1 million dollars by the Foundation Sale Leaseback Fund I.

As a rapidly growing firm, Handoff Wireless was quickly becoming constrained by the size and scope of its current headquarters and distribution facility. With numerous market opportunities evident to the Company, Handoff was looking for a solution that met their real estate needs while not tying up their available growth capital. After working with management to identify the Shelby West Corporate Park property as a facility that would provide the company with room for expansion, Founders Investment Banking advised the Foundation Sale Leaseback Fund I on the purchase and lease of the property to Handoff. “We needed a facility that would allow us plenty of room to grow,” said Handoff CEO Rayford Higginbotham. “The new facility provides us with the necessary capacity to meet our volume and production needs, which should further accelerate our revenue potential.”

About Handoff Wireless

Handoff Wireless, LLC (HOW) is a value added distributor of refurbished or repaired and like new cellular handsets to the wireless phone industry. The company primarily engages in the purchase of used, damaged, or overstocked cellular handsets and accessories that they are able to repair or refurbish and subsequently sell to primary carriers in other countries and second tier carriers within North America.

About Foundation Sale Leaseback Fund I

The Foundation Sale Leaseback Fund I is an investment vehicle dedicated to purchasing net leased commercial and industrial properties throughout the Southeast.  It is currently seeking acquisitions of net leased single tenant properties of $1-$5 million in value. The fund is managed by Birmingham based Foundation Fund Management, LLC.

About Founders Investment Banking

Founders Investment Banking is an independent investment banking firm, headquartered in Birmingham, Alabama, that is dedicated to providing a comprehensive range of customized solutions for its clients, including merger & acquisition, corporate and strategic finance advisory services, as well as real estate investment services for owners of, and investors in, income producing commercial real estate. For more information on our firm, visit www.foundersib.com, call John H. Turner at 205-949-2043, or write Founders Investment Banking, LLC, 2204 Lakeshore Drive, Suite 425 Birmingham, AL 35209.