Pueblo, CO, Jan. 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Sprout Tiny Homes, Inc. (OTC PINK: STHI), an industry leader in designing, manufacturing, and developing state-of-the-art Zero Energy Ready homes, announced today that Founder Rod Stambaugh has resigned his position as CEO, effective today, as part of Sprout’s growth strategy. Mr. Stambaugh will continue to serve as President of the Company and Chairman of Sprout’s Board of Directors. The Board of Directors has accepted Mr. Stambaugh's resignation and appointed the company’s legal counsel, Joseph Johnson, as Interim CEO. Members of Sprout’s Board of Directors, along with newly appointed Interim CEO, Mr. Johnson, have formed an Executive Search Committee to further strengthen Sprout’s leadership.
Sprout’s new Board of Directors includes Dennis Demetre and Kelly Green. Mr. Demetre is a turnaround specialist for home builders and developers and has over 40 years of experience in modular homes, home building, residential development, and land financing. Mr. Green has been in the multifamily rental and apartment business since 1998 and is as a partner of both Utopian Villas and Vertical Works, a modular manufacturing company.
Sprout’s current zero energy ready home development, North Vista Highlands in Pueblo, Colorado, continues to move forward as more than half of Phase 1A’s 162 lots have been reserved by homebuilders and developers. North Vista Highlands is a PUD consisting of 1,060 acres and is approved for up to 4,850 residential units and 1,225,000 sq. ft. of retail / commercial space. For more information on the housing development visit: http://northvistahighlands.com
The U.S. Department of Energy’s Zero Energy Ready certified homes standards represent a “whole new level” of home performance and are the “homes of the future.” As a DOE Zero Energy Ready Home partner, Sprout continues to innovate on new housing designs and solutions to address mixed use retail / residential, single and multi-family housing, workforce housing and other emerging markets.
About Sprout Tiny Homes:
Sprout Tiny Homes is a DOE Energy Ready Home Partner and leading designer, developer and manufacturer of high-quality, Zero Energy Ready Homes with chemical free interiors. Sprout focuses exclusively on building commercial grade homes to satisfy the growing demand of affordable housing communities, employee housing, overnight hotel/resort markets and homes for the disabled. Sprout homes use sustainable building materials while pushing the boundaries of design and energy efficiencies. Sprout manufactures Zero Energy Ready homes on wheels up to 400 sq. ft. and homes on foundations up to 2200 sq. ft. of living space.
For more information on the company, visit http://sprouttinyhomes.com.
Caution Concerning Forward Looking Statements:
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Sprout Tiny Homes, Inc. to differ materially from this implied or expressed by such forward-looking statements. This press release speaks as of the date set first set forth above, and Sprout Tiny Homes, Inc. assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in our industry.