IRVINE, Calif., Feb. 24, 2011 /PRNewswire/ -- California Coastal
Communities, Inc. (OTCQB: CALCQ) announced that the United
States Bankruptcy Court for the Central District of California has confirmed the Company's plan of
reorganization (the "Plan") with respect to its Chapter 11
bankruptcy cases. The Company expects to satisfy the various
conditions to the Plan and emerge from bankruptcy on March 1, 2011.
Chief Executive Officer Raymond J.
Pacini commented, "We thank our lenders for their support
and look forward to exiting bankruptcy within a week. With the
working capital provided by our lenders, we recently started
construction of eight new homes at our Brightwater community in
Huntington Beach. We are
well-positioned to provide unique coastal homes at
Brightwater and are extremely encouraged by our recent success in
selling ten new homes within the first seven weeks of the year. We
plan to build on that success by releasing new prices and floor
plans for our homes on March 5th that
will enable us to better compete in the Huntington Beach market. We are excited about
the future. The market is evolving daily and the combination of low
mortgage rates and attractively-priced, ocean-close homes in an
exceptional locale provides an incredible opportunity for today's
home buyers."
The Company is a residential land development and homebuilding
company operating in Southern California. The Company's
principal subsidiaries are Hearthside Homes which is a homebuilding
company, and Signal Landmark which owns 110 acres on the Bolsa
Chica mesa where sales commenced in August 2007 at the
356-home Brightwater community. Hearthside Homes has
delivered over 2,300 homes to families throughout Southern California since its formation in
1994.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Certain of the foregoing information contains forward-looking
statements that relate to future events or the Company's future
financial performance. These statements involve known and
unknown risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential," "continue," "hopes" or the negative of
such terms or other comparable terminology. These
forward-looking statements include, but are not limited to,
statements about the Company's plans, objectives, goals,
expectations and intentions with respect to the bankruptcy
proceedings, the number and types of homes that the Company may
develop and sell, the timing and outcomes of court proceedings, and
other statements contained herein that are not historical facts.
Accordingly, our investors are cautioned not to place undue
reliance on these forward-looking statements because, while we
believe the assumptions on which the forward-looking statements are
based are reasonable, there can be no assurance that these
forward-looking statements will prove to be accurate. Further, the
forward-looking statements included in this release and those
included from time to time in our other public filings, press
releases, our website and oral and written presentations by
management are only made as of the respective dates thereof. We
undertake no obligation to update publicly any forward-looking
statement in this release or in other documents, our website or
oral statements for any reason, even if new information becomes
available or other events occur in the future.
SOURCE California Coastal Communities, Inc.
