Wall Homes Completes Acquisition of Dallas/Fort Worth Division of Newmark Homes
June 06 2007 - 2:21PM
PR Newswire (US)
ARLINGTON, Texas, June 6 /PRNewswire/ -- Wall Homes CEO and founder
Steve Wall announced today that Wall has completed its purchase of
substantially all the assets belonging to the Dallas Division of
Newmark Homes, a subsidiary of TOUSA (NYSE:TOA). Assets include raw
land, site developments, finished lots, and construction in
progress. As a result, Wall's D/FW operations will jump from 11
active neighborhoods to 33. The expansion increases lots statewide
under Wall Homes control by over 75 percent. "Adding control of
over 3,000 lots -- many in coveted areas such as Frisco, Keller,
Plano, and Prosper -- allows us to expand our business at a rapid
rate," said Mr. Wall. Wall Homes was established in 2005 to offer
homes with a focus on architectural style to discerning buyers.
Neighborhoods throughout Dallas, Fort Worth, Houston, Austin, and
San Antonio offer a variety of single-family detached and attached
homes priced from the $120s to the $500s. Based in Arlington, TX,
Wall Homes is on the web at http://www.wall.com/. TOUSA, Inc. is a
leading homebuilder in the United States, operating in various
metropolitan markets in 10 states located in four major geographic
regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA
designs, builds, and markets high-quality detached single-family
residences, town homes, and condominiums to a diverse group of
homebuyers, such as "first-time" homebuyers, "move-up" homebuyers,
homebuyers who are relocating to a new city or state, buyers of
second or vacation homes, active-adult homebuyers, and homebuyers
with grown children who want a smaller home ("empty-nesters"). It
also provides financial services to its homebuyers and to others
through its subsidiaries, Preferred Home Mortgage Company and
Universal Land Title, Inc. For more information on TOUSA, please
visit our website at http://www.tousa.com/. This press release
contains forward-looking statements including statements concerning
the status of TOUSA's settlement discussions and risks associated
with those discussions. Certain important factors may have affected
and could in the future affect our actual results or our liability
for the indebtedness of the Transeastern JV and could cause TOUSA's
actual results for subsequent periods to differ materially from
those expressed in any forward-looking statement made by or on
behalf of TOUSA. The factors are outlined under the "Risk Factors"
sections of TOUSA's Securities and Exchange Commission filings,
including TOUSA's annual report on Form 10-K for the year ended
December 31, 2006, filed with the Commission on March 20, 2007 and
TOUSA's quarterly reports on Form 10-Q date filed with the
Commission after such date. We do not undertake any duty to update
any forward-looking statement. DATASOURCE: Wall Homes CONTACT: Erin
Kolp of Wall Homes, +1-817-385-3225, Web site: http://www.wall.com/
http://www.tousa.com/
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