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July 26, 2002

Long, Ozonian Hint At Brand-New Lineup Of Products And Services

Inman News Features

San Francisco?Homestore CEO Mike Long and President Steve Ozonian stepped up to the microphones today at Inman News Features? Real Estate Connect conference being held here through tomorrow and dropped several broad hints that a brand-new is in the works behind the scenes at Homestore.

Long said the new Web site and package of Realtor products and services would be announced later this year, but he wasn?t ready to provide specifics about it at this time. He said the company did not want to make the age-old technology provider mistake of announcing a new product prematurely.

"This fall, we?ll announce a new that we are very excited about," Long said.

Ozonian said the new will incorporate lessons Homestore has learned about the business in the last couple of years.

"We now understand that the Internet is a great utility and that what gets created (by that) is great reach and exposure. We have looked at what we have learned, and we will expand our products and services to take advantage of that reach and exposure," he said.

Long hinted that the new product structure will address the "overbundling" of some of the company?s Realtor products and services, permit real-time updates of MLS data to address data accuracy problems and incorporate new services for handheld personal digital assistant devices within the product lineup.

Long also reiterated his optimism about Homestore?s efforts to reach a settlement in the company?s shareholder lawsuits. He said the 30 or so legal actions have been consolidated with a "sophisticated investor," the California state employees? pension plan CalPers, as the lead plaintiff, and he said he is "optimistic" that the company will "reach an affordable negotiated settlement."

He also reiterated that the company is "on track for cash flow breakeven by December," but said he has not given Wall Street any other financial projections.

Copyright: Inman News Service

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