John R. Boken to Become Chief Executive Officer and President of TOUSA, Inc.
HOLLYWOOD, Fla., May 27 /PRNewswire-FirstCall/ -- TOUSA, Inc. (Pink Sheets: TOUSQ) -- TOUSA, Inc. today announced that, subject to approval by the United States Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division (the "Bankruptcy Court"), John R. Boken will become Chief Executive Officer and President of TOUSA, Inc.
Mr. Boken, who was previously serving as Chief Restructuring Officer of TOUSA, is a Managing Director at Kroll Zolfo Cooper where he specializes in providing restructuring and crisis management services to financially distressed companies. Subject to the terms of an agreement dated May 23, 2008, and following a thirty day transition period, Antonio B. Mon, the current Chief Executive Officer, President and Executive Vice-Chairman of TOUSA, will remain in his position as Executive Vice Chairman of TOUSA's Board of Directors through December 31, 2008.
TOUSA, Inc. and certain subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the Bankruptcy Court on January 29, 2008. The case is pending as case number 08-10928-JKO. For more information, please visit http://www.tousa.com/ or the Bankruptcy Court web site at TOUSA, Inc. is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home ("empty-nesters"). It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title, Inc. For more information on TOUSA, please visit our website at http://www.tousa.com/. This press release may contain forward-looking statements. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in the Company's Securities and Exchange Commission filings, including the Company's annual report on Form 10-K for the year ended December 31, 2006, filed with the Commission on March 20, 2007, and the Company's quarterly reports on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007 and Sept. 30, 2007 filed with the Commission on May 10, 2007, August 9, 2007 and November 14, 2007, respectively. Company Contacts: First Call Analyst:
CONTACT: Jennifer E. Mercer of Van Meter Inc., +1-954-364-4013, Web site: http://www.tousa.com/
2008-05-27 21:17:41 0371155 PRNEWSWIRE
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