VERO BEACH, Fla., May 23, 2001 (PRIMEZONE) -- Anthony J. Caldarone, Chairman and Chief Executive Officer of Calton, Inc. (AMEX:CN), announced today that on May 11, 2001, Equilink Capital Partners LLC ("Equilink") issued a press release stating that it intended to commence an unsolicited tender offer for all of the outstanding shares of Calton, Inc. (the "Company") at a price of $5.50 per share in cash. Equilink indicated that their offer would be subject to various conditions, including, among other things, redemption of the Company's poison pill, extensive due diligence, a review of the Company's books and records and inspection of the Company's equipment and other assets.
The Company's Board of Directors has taken the proposed tender offer under consideration and, if and when Equilink commences its offer, will formally respond to the offer by advising stockholders whether the Company recommends acceptance or rejection of such tender offer, expresses no opinion or is unable to take a position with respect to the tender offer, and the reasons for such position.
Accordingly, we urge all stockholders to defer making a determination whether to accept or reject the proposed tender offer until they have been advised of the Company's position with respect to the tender offer.
This press release 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 related to national and local economic conditions and the effect of governmental regulation on the Company.