VERO BEACH, Fla., July 10, 2001 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) is pleased to announce the appointment of two executives to the PrivilegeONE(tm) leadership team. The senior management additions are in response to the previously announced strategic alliance with Fleet Credit Card Services, LP of Horsham, Pa., a subsidiary of FleetBoston Financial, which will issue the PrivilegeONE VISA(r) card for PrivilegeONE's automobile dealer loyalty program.
John G. Yates has joined PrivilegeONE as CEO and President. John brings a wealth of general management and credit card experience to the Company. Most recently, as Senior Vice President and General Manager of American Express, John originated and implemented the Corporate Purchasing Card Business. Prior to that, Yates John spent more than 20 years with General Electric in a variety of general management positions. He is a graduate of the University of Massachusetts and the GE Executive Development Program. John has the leadership and experience to launch the PrivilegeONE product that has been in the development stage for the last 18 months.
Wesley R. Moy has joined PrivilegeONE as Vice President of Marketing. Wesley has 20 years of financial services experience in strategy, marketing, sales and sales management in organizations that include Chase Manhattan Bank and Citicorp. He has held leadership roles in a number of start-up organizations. Most recently he was Senior Vice President and Chief Marketing Officer of a New York City-based B2B e-commerce company. Wesley holds an MBA in finance from Rutgers Graduate School of Management and a BA from the State University of New York at Binghamton.
The PrivilegeONE Card Program is a new co-branded Visa credit card system designed exclusively for automobile dealers in the United States. The program, which includes dealer-branded Visa cards, was developed to expand and enhance the individual Dealer's image within their trade area and to increase customer awareness, retention, and revenue. The program is designed to drive repeat business from a dealer's customer base in order to increase sales revenues and decrease customer acquisition costs.
Anthony J. Caldarone, Chief Executive Officer and Chairman of Calton, Inc., commented, "The agreement with Fleet Credit Card Services and the appointment of these key executives represent extraordinary progress in a short period of time. Fleet brings capabilities that will provide enormous advantages to the PrivilegeONE program. The addition of John Yates and Wesley Moy brings significant experience to the company. PrivilegeONE has moved its headquarters to Vero Beach, Florida to leverage the resources of Calton, Inc. and the technological expertise of eCalton."
About Calton, Inc.
Calton, Inc. is headquartered in Vero Beach, Fla. Calton provides consulting services and analyzes potential business and acquisition opportunities. Calton wholly owns PrivilegeONE Networks, LLC and eCalton Inc. and a majority interest in Innovation Growth Partners, LLC.
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, 2000.