VERO BEACH, Fla., Oct. 31, 2002 (PRIMEZONE) -- Calton, Inc. (AMEX:CN) announced today that the Company's Board of Directors increased the number of directors from six to seven, and elected John G. Yates to serve as a new member of the Board of Directors at their meeting on October 30, 2002. He has been appointed as a Class II director, to hold office until the Annual Meeting of Shareholders is held in 2003.
Mr. Yates was recently appointed as President and Chief Operating Officer of Calton, Inc. on September 1, 2002. He has served as President and CEO of its subsidiary, PrivilegeONE Networks, LLC, since May of 2001. For eight years prior to joining the Company, Mr. Yates served as Senior VP and General Manager at American Express, where he originated the concept of the corporate purchasing card business. He also was employed for more than 24 years with General Electric in a variety of senior management positions.
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 the indemnification provisions in connection with the Company's sale of Calton Homes, Inc., national and local economic conditions, the lack of an established operation 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.