Business Wire

                            December 7, 1984, Friday

DISTRIBUTION: Business Editors

LENGTH: 204 words

HEADLINE: HORIZON; Appoints John Spaugh executive vice-president and 
chief operating officer

DATELINE: TUCSON, Ariz.

 BODY:    John D. Spaugh, veteran real estate, investment and management 
professional, has been appointed executive vice-president and chief 
operating officer of Horizon Corp., headquartered in Tucson.

   Spaugh assumed his new position Dec. 1.

   The announcement was made by Dr.  William C. Leone,  Horizon's 
chairman of the board and president.

   Horizon Corp. is developer of Waterwood north of Houston; Paradise 
Hills and Rio Communities near Albuquerque; and Rancho Del Lago near 
Tucson, as well as well as Arizona Sunsites 90 miles southeast of Tucson.


   For approximately two years prior to joining Horizon, Spaugh has been 
president of BSB Ventures Corp., a wholly owned subsidiary of Bowery 
Savings Bank of New York.BSB is involved in real estate joint ventures.

   Spaugh's prior experience includes private real estate development 
consulting in Saratoga, Calif., and for five years he served as vice 
president - real estate for Kaiser Aetna, which developed a variety of 
real estate projects.

   Spaugh is a graduate from San Jose University in California.

   CONTACT: PR Professional Associates, Albuquerque             M. A. 
Toppino, 505/884-0963             Richard Lovinger, 602/886-5300




                                                                       
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