HOLLYWOOD, Fla., June 6, 2007 (PRIME NEWSWIRE) -- TOUSA, Inc. (NYSE:TOA) announced today that it completed the sale of substantially all of the assets of its Dallas Division to Wall Homes. Proceeds from the transaction will be used to reduce debt to strengthen the Company's balance sheet and improve its liquidity.
"We are pleased to complete the Dallas Division sale and continue the execution of our asset management strategy," said Antonio B. Mon, President and Chief Executive Officer of TOUSA. "This is one accomplishment among several key balance sheet initiatives, and we are committed to the further execution of these initiatives to correctly position TOUSA for the current challenging housing market and the eventual market recovery."
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 www.tousa.com.
The TOUSA, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1821
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 www.wall.com.
This press release contains forward-looking statements. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in the Company's Securities and Exchange Commission filings, including the Company's annual report on Form 10-K for the year ended December 31, 2006, filed with the Commission on March 20, 2007 and the Company'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.