Exciting News from NEWMARK HOMES HOUSTON!

NEWMARK HOMES
> HOUSTON TO ACQUIRE NEWMARK HOMES BRAND FROM TOUSA, INC.
>
>
> Former TOUSA
> Houston President Mike Moody and Lonnie Fedrick, Co-Founder
> of Newmark Homes to Lead Newly Formed
> Company
>
> Houston, TX, June 15, 2009 --.
> Newmark Homes Houston, LLC announced today that it has
> entered into an agreement to purchase a majority of the
> Houston assets of national homebuilder TOUSA, Inc. Newmark
> Homes Houston was created and will be led by Newmark Homes
> co-founder Lonnie Fedrick as Chairman, former TOUSA Houston
> President, Mike Moody as President and CEO, and Jeff Dye as
> Vice President of Operations.
>
> On March 23, 2009, TOUSA, Inc., which
> purchased Newmark in 1999, announced that due to the
> severe downturn in the national housing market, the company
> suspended efforts nationwide to generate new build-to-order
> sales. This led to the Houston management team to begin
> efforts to acquire the Newmark Houston brand. TOUSA
> will complete and sell all homes currently under
> construction and will provide a third party warranty for
> those purchasers.
>
> “This new company will be
> privately held, locally owned and financed,” says
> company CEO Mike Moody. “We will continue the
> tradition of building quality homes in Houston's finest
> communities. Our management team has over 70 years
> combined experience in building some of the finest homes in
> the Houston market.”
>
> The new company will start 60 homes
> in the first 60 days of operation which will begin June
> 15. “There will be 55 TOUSA employees who will
> continue their employment with the new company after TOUSA
> winds down their operations. There are also hundreds of
> sub-contractors and suppliers who depend on our company for
> their livelihood. We are grateful to have the
> opportunity to continue forward with this talented team of
> professionals”, Moody said.
>
>
> Mike Inselmann,
> President of nationally renowned housing market research
> firm Metrostudy, believes the acquisition is a good move for
> the Houston investor group. “Housing is a local
> industry. These professionals have a lot of experience with
> the local market; Mike Moody and Lonnie Fedrick both have a
> long history with Newmark. That coupled with the team they
> have put together means that I think they will be a very
> successful competitor in the Houston market.”
>
> About Newmark Homes
> Houston
> Newmark Homes Houston will build
> homes ranging in price from $170,000 to over $600,000 in 19
> of the finest master planned communities in the Houston
> Metropolitan area. For more information on Newmark Homes
> Houston, please visit our website at www.newmarkhomes.com.
>