VERO BEACH, Fla., Aug. 23, 2002 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) announced today that the Board of Directors has elected John G. Yates as President and Chief Operating Officer for the Company, effective September 1, 2002. Mr. Yates will be responsible for the day to day operations of the Company and its subsidiaries. He has been affiliated with the Company since May of 2001, as President and CEO of its subsidiary, PrivilegeONE Networks, LLC.
Prior to joining the Company, Mr. Yates was employed at American Express for 8 years, serving as Senior VP and General Manager, where he originated the concept of the corporate purchasing card business. He also spent more than 24 years with General Electric in a variety of senior management positions.
The Board announced that Anthony J. Caldarone, the founder of the Company, will remain as Chairman and CEO. It also authorized the following promotions for Calton, Inc., effective on September 1, 2002:
Maria F. Caldarone Executive VP, Corporate Development/
Asst. Secretary
Laura A. Camisa Senior VP, Strategic Planning
Thomas C. Corley Senior VP/Chief Financial Officer
"We are very excited about adding John at our corporate level," said Mr. Caldarone, Chairman and CEO, "He brings with him a wealth of knowledge, management experience and leadership, which is a great plus and benefit for the Company."
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.