Hamptons Luxury Homes Reports Third Quarter Results

Bridgehampton, NY (11/17/08) – Hamptons Luxury Homes, Inc. (OTCBB:HLXH), a construction services company that builds and renovates multi-million dollar estate homes in the Hamptons area of Long Island, New York, on Friday reported its results for the quarter ended September 30, 2008.

For the quarter the Company reported revenues of $1,382,731 and a net loss of $61,136 or $0.00 per share. This loss follows six consecutive quarters of profitability for the company and is attributable to the challenging economic conditions that manifested themselves during the quarter. This result compared to three month revenues for the comparable quarter last year of $3,743,123 and net profit of $204,981 or less than $0.01 per share. For the nine months ended September 30, 2008, the Company reported revenues of $7,694,449 and net profit of $241,583 or less than $0.01 per share, compared to 2007 nine month revenues of $6,585,098 and net profit of $466,441 or less than $0.01 per share.

“The unprecedented economic conditions currently affecting the United States and throughout the world are having an impact on our operations,” said Frank Dalene, Vice President and Chief Financial Officer of Hamptons Luxury Homes. “During the past quarter we saw projects that were scheduled to start, were lost or were put on hold. Five pending projects with bids outstanding totaling approximately $6.5 million were lost or put on hold. However, five pending projects with bids outstanding totaling approximately $5.9 million were added to our potential pipeline, in essence replacing the projects that had been lost or put on hold.” Dalene explained that even though the net result of cancelled or lost bids was a loss of only $600,000 in potential revenue, the real effect of the economic slowdown in the economy “was a several month delay of converting potential projects into actual committed projects.”

Mr. Dalene said that the Company continues to have a significant backlog of potential work, with a cumulative backlog as of November 7, 2008 of approximately $9 million in work and $13 million in bids outstanding. “Our increased marketing and advertising efforts have resulted in an increase in interest and requests for bids. We believe though, that it is difficult to state with certainty the specific timing for the start of this potential business as our customer base is continuing to be affected by the uncertainty in the financial markets.”

The Company remains in a strong financial position Mr. Dalene noted, reporting cash of approximately $334,630 at the end of the September 2008 quarter compared to $123,648 at the end of December 31, 2007, none of which is restricted. In addition, the Company had working capital of approximately $1,213,816 at September 30, 2008 compared to $912,442 at December 31, 2007. “We expect that cash flows from our existing contracts and our current assets, including cash and accounts receivable, will be sufficient to fund our liquidity and capital requirements for the next twelve months,” Dalene said.

Full results for the third quarter and nine months ended September 30, 2008 are reported in Hamptons Luxury Homes’ Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission on November 14, 2008. The Form 10-Q is available at the SEC’s website: http://www.sec.gov and at the Company’s website: http://www.hlxhomes.com.

Hamptons Luxury Homes, Inc. (www.hlxhomes.com) is a regional construction services company that builds and maintains custom homes, luxury vacation homes and ultra-luxury estate homes throughout the eastern end of Long Island, New York, with its principal offices located in Bridgehampton, New York. The Company’s wholly owned subsidiary, Telemark Inc. is a nationally recognized and award winning ultra-luxury homebuilder. The Company maintains an industry leading reputation for construction of luxury vacation homes from foundation to completion, with values ranging up to $60 million. Hamptons Luxury Homes combines ultra-high quality materials with superb old-world craftsmanship to create the ultimate in luxury homes with outstanding aesthetic appeal. The Company’s other wholly-owned subsidiaries include: Telemark Service and Maintenance, Inc., which provide ongoing property management, maintenance and service; Bridgehampton Lumber Corp., supplying building material and an independent dealer of The Barden & Robeson Corporation; and DWD Construction Services, Inc. which performs construction administration and advisory services in connection with the construction of homes and business development of major commercial projects. The Company owns a 10% interest in Northway Island Associates, Inc., a company planning the development of a multi-facetted entertainment resort complex in St. Lawrence County, New York. DWD Construction Services is presently acting as the Owner’s Representative for Northway Island Associates.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including without limitation, statements regarding the potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact: Bev Jedynak
Martin E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com