VERO BEACH, Fla., April 25, 2002 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) today announced that it has sold its 51% interest in Innovation Growth Partners, LLC. The interest was purchased by Calton's co-venturers in Innovation Growth Partners, LLC for $1 million. Innovation Growth Partners, LLC was established in June 2000 to provide management and consulting services to entrepreneurial and development-stage companies, and to develop and acquire controlling interests in certain of these companies.
In connection with the transaction, Innovation Growth Partners, LLC transferred to Calton a warrant to acquire 25,000 shares of Miresco Investment Services, Inc., a privately held company which designs, imports and sells high quality area rugs throughout the United States. The warrant has an exercise price of $1.00 per share.
Certain information included in this press release and Company filings (collectively, "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 related to the indemnification provisions in connection with the Company's sale of Calton Homes, Inc., 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, 2001.