NEWPORT BEACH, Calif., March 31, 1999 (PRIMEZONE) -- The Presley Companies (NYSE: PDC) announced today that after approval by a Special Committee of its Board of Directors, Presley and William Lyon Homes, Inc. have agreed to an amendment to the previously executed letter of intent. The letter of intent contemplated the approval of a definitive agreement by March 31, 1999. The amendment extends this date, as well as the period in which the parties have agreed (with certain exceptions) to negotiate exclusively with respect to the proposed transactions, to April 30, 1999. Additional information concerning the letter of intent and the amendment is included in Presley's Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission.
The Presley Companies is one of the oldest and largest homebuilders in the Southwest with development communities in California, Arizona, New Mexico and Nevada. Founded in 1956, The Presley Companies has built and sold more than 47,000 homes and currently has 46 sales locations. Presley's corporate headquarters are located in Newport Beach, California.