VERO BEACH, Fla., August 29, 2003 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) announced today that it has completed the acquisition of 35 residential lots from Beazer Homes for $4.8 million. The lots are part of the Riverside at the Island Club development located in Vero Beach, Florida.
The Company, through its wholly owned subsidiary, Homes by Calton, LLC, intends to complete the construction of the 35 lots and explore additional homebuilding opportunities on the Treasure Coast of Florida.
The Company also announced that it has completed the sale of 4,500,000 shares of its common stock at $.24 per share to four of its officers including Anthony J. Caldarone, its Chairman and Chief Executive officer, who purchased 2,597,000 shares. Total proceeds for the sale were $1,080,000 and will be used primarily for working capital purposes.
Certain information included in this release and Company filings (collectively, the "SEC filings") under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (as well as information communicated orally or in writing between the dates of such SEC filings) contains or may contain forward looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are matters relating to national and local economic conditions, the lack of an established operating history for the Company's current business activities, conditions and trends in the Internet and technology industries in general, the effect of governmental regulation on the Company and the risks described under the caption "Certain Risks" in the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2002.