eNeighborhoods acquires RECHANNEL:

Companies combine to create unique and powerful marketing solutions for real estate professionals

Boca Raton, Florida, June 30th, 2004 - eNeighborhoods, the real estate industry's leader in neighborhood information based marketing solutions, announced today that it has acquired RECHANNEL Communications, Inc. (www.rechannel.com).

RECHANNEL is a leading provider of website design, hosting, IDX, VOW, and lead management systems for top-producing real estate brokers and agents.

"Offering comprehensive website and IDX solutions is something our customers have been asking for, and a big part of our growth strategy," said Dave Meyer, who was named president of eNeighborhoods last month. "With RECHANNEL we are confident we have found a perfect fit. RECHANNEL has great technology, and behind their award-winning products is an incredible team of talented people to add to our team."

"We couldn't be happier to join such an incredible organization," added Brian Shapiro, president/CEO of RECHANNEL and newly named eNeighborhoods vice president of business development. "eNeighborhoods has a remarkable reputation in the industry for great products, as well as the marketing muscle to really expand our market share."

"The integration of RECHANNEL's technology into the eNeighborhoods suite of products immediately makes eNeighborhoods the best-of-breed provider of websites for Realtors", added Stu Siegel, CEO of eNeighborhoods and its parent company Siegent. "The acquisition of RECHANNEL is the first of several planned for our company, as we strive to continually expand our services for our customers through both internal development and the addition of other great technologies".

Since 1997, eNeighborhoods™ (www.eneighborhoods.com) has been providing real estate professionals with a comprehensive set of personalized marketing tools they use everyday to present buyers and sellers with the most up-to-date, localized information about property, neighborhoods and schools. In 2001 eNeighborhoods achieved the REALTOR VIP® status with endorsement from The National Association of REALTORS®. The company also has strategic alliances with the top ten real estate chains, including: Cendant, Century 21, Coldwell Banker, ERA, GMAC, Keller Williams, Prudential, Realty Executives, RE/MAX and Weichert, as well as many major independent brokerages. eNeighborhoods is the proud founding sponsor of NAR's Good Neighbor Awards which educates, encourages and rewards outstanding community service by real estate professionals throughout the country. eNeighborhoods is a subsidiary of Siegent, Inc.

RECHANNEL Communications (www.rechannel.com) is a leading provider of websites for real estate agents and brokers. RECHANNEL's websites provide real estate professionals with a turnkey solution for capturing Internet buyers and sellers, marketing their services, promoting their listings, and managing their businesses. Through affiliations with over 100 MLS's nationally, RECHANNEL provides clients with access to nearly one million property listings that can be searched directly from client websites. RECHANNEL websites has won numerous awards including "Top-10 Site", National Association of REALTORS® and "#1 Site", Florida Association of REALTORS®.

About eNeighborhoods, Inc.
Since 1997, eNeighborhoods™, the nations premier compiler of home and neighborhood information, has been providing real estate professionals with a comprehensive set of personalized marketing tools they use every day to present buyers and sellers with the most up-to-date, localized information about property, neighborhoods, and schools. In 2001 eNeighborhoods achieved the REALTOR VIP® status with endorsement from The National Association of REALTORS®. The company also has strategic alliances with major real estate franchisers: Cendant, Century 21, Coldwell Banker, ERA, GMAC, Prudential Real Estate, Keller Williams, Realty Executives and RE/MAX, as well as many of the major independent brokerages. eNeighborhoods is the proud founding sponsor of NAR's Good Neighbor Awards, which educates, encourages and rewards outstanding community service by real estate professionals throughout the country. Stu Siegel, the company's CEO, has been selected as the Ernst & Young Entrepreneur of the Year and the Eastern Technology CEO of the Year.