VERO BEACH, Fla., May 14, 2001 (PRIMEZONE) -- Anthony J. Caldarone, Chairman and CEO of Calton, Inc. (AMEX:CN) today confirmed the receipt of a notice of intention to commence an unsolicited Tender Offer for the Common Stock of the Company at a cash price of $5.50 per share. The tender offer is subject to numerous conditions.
The Company's Board of Directors will review the proposed offer, which, on the surface, appears to be considerably less than the per share cash value of the Company and significantly below the Company's book value. Calton, Inc. is committed to evaluating all options that could enhance shareholder value and shall continue to operate in accordance with its current business plan.
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.