Greenwood Village, Co - 11 October, 2005 -

RE/MAX Bulgaria has been purchased by George Petrov and Ilyan Nikolov, and becomes the 58th country for franchising of the global real estate network. Both are natives of Bulgaria and will serve as co-regional directors of the new operation. The two were partners, operating a construction business when they discovered RE/MAX. “In the last few years the real estate market in Bulgaria indicates phenomenal growth,” said Petrov. ”Major international and local agencies are emerging on the Bulgarian market, therefore we decided it is time for us to apply our abilities in this field. We are looking forward to becoming part of the big RE/MAX family.” Located in Southeastern Europe, bordering the Black Sea, between Romania and Turkey, The Republic of Bulgaria gained complete independence on September 22, 1908. With a population of nearly 7.5 million, it is a parliamentary democracy whose strategic location near the Turkish Straits means it controls key land routes from Europe to the Middle East and Asia. The capital city is Sofia. The country’s natural resources include bauxite, copper, lead, zinc, coal and timber. Bulgaria has averaged 4% growth since 2000 and has begun to attract significant amounts of foreign direct investment. “The addition of RE/MAX Bulgaria is yet another example of the positive growth of RE/MAX throughout Europe,” said Peter Gilmour, RE/MAX senior vice president, international franchise sales and brokerage. “We are extremely proud to be associated with such quality people as George and Ilyan, not only in Bulgaria but around the world.”

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