Homburg Invest Inc. HII Shares issued 35,387,059

Homburg Invest Inc. announces that it is proceeding with the quarterly redemption of shares as approved by the shareholders at the Annual General Meeting of Shareholders held in April.

Under the plan the Corporation will offer to redeem up to 0.5% of the issued and outstanding Common Shares quarterly. The redemption price will be not less than intrinsic value, based on International Accounting Standards, and shares redeemed by the Corporation will be cancelled. The calculated intrinsic value for the quarter ended June 30, 2002 is $1.29.

(source: Homburg Investment Inc.)

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