Community Redevelopment Corp. Effects Reorganizationwith Areawide Cellular Subsidiary of Source...

WHEELING, Ill.--(BUSINESS WIRE)--March 25, 1998--Community Redevelopment Corporation (OTC/BB:CMDV), and Chicago-based Source One Wireless, L.L.C, announced Wednesday it has completed a reorganization in which the membership interests in Source One Wireless I, L.L.C. were contributed to Community

Source One Wireless I, L.L.C. operates Areawide Cellular, a retail wireless communications provider. Areawide Cellular has 29 retail stores in the Chicago area and project to do $22 million in revenues and projects $4.1 million in earnings before interest, depreciation and taxes. Areawide Cellular appointed David Trop, president, and Steve Zabel, chief financial officer. The company expects to change its name to Areawide Cellular with its shares trading under the Bulletin Board stock symbol ACEL. The company also approved a 1-for-2 reverse stock split. -0-

"Safe Harbor" Statement

Except for the historical information contained herein, certain of the matters discussed in this press release are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices , labor costs, interest rates, consumer confidence, competition, environmental factors, and governmental regulations affecting the company's operations.

CONTACT: Community Redevelopment Corp., Wheeling

Steve Zabel, Treasurer, 847/403-7000