VERO BEACH, Fla., August 22, 2003 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) announced today that it has received a commitment for $6,232,500 of acquisition and construction financing, including a $5,000,000 revolving line of credit, from Harbor Federal Savings Bank. As a result, the Company plans to complete the proposed acquisition of the remaining 35 lots in a 121 home community in Vero Beach, Florida that it announced in July 2003. The acquisition is currently scheduled to close in late August 2003. If the acquisition is completed, the Company intends to pursue other homebuilding opportunities along the Florida Treasure Coast.
Certain information included in this release and Company filings (collectively, the "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 relating to 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, 2002.