Tarragon Corporation Granted Continued Nasdaq Listing
04 April 2008 - 10:00PM
Marketwired
NEW YORK CITY, NY today announced that a Nasdaq Listing
Qualifications Hearing Panel (the "Panel") has granted Tarragon's
request for continued listing on The Nasdaq Stock Market, provided
that the Company hold its annual shareholders' meeting on May 1,
2008, as scheduled. Tarragon filed a definitive proxy statement for
its annual meeting on March 31, 2008, which has been mailed to
Tarragon shareholders.
In addition, as required by Nasdaq Marketplace Rule
4350(b)(1)(B), Tarragon notes that the Company's previously filed
annual report on Form 10-K included an audit report dated March 27,
2008 from its independent registered public accounting firm with an
explanatory paragraph expressing substantial doubt about the
Company's ability to continue as a going concern. The Company
incurred a net loss of $388.4 million during the year ended
December 31, 2007 and as of that date total liabilities exceeded
total assets by $93.6 million. Tarragon's CEO, William S. Friedman,
noted, "So far in the new year, we have concluded over $127 million
in property sales and have contracted to sell four other properties
for a total of $156 million. These sales, together with the 18
month waiver of debt covenant compliance from the holder of our
$125 million of junior subordinated debentures and the residential
rental joint venture with Northland Investment Corporation
announced last week, are important milestones on our difficult path
back to financial strength."
About Tarragon Corporation
Tarragon Corporation is a leading developer of multifamily
housing for rent and for sale. The Company's operations are
concentrated in the Northeast, Florida, Texas and Tennessee. To
learn more about Tarragon Corporation, visit:
www.tarragoncorp.com
Forward-looking Statements
Information in this press release includes "forward-looking
statements" made pursuant of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that are based on
management's expectations, estimates, projections and assumptions.
Words such as "may," "expects," "anticipates," "intends,"
"estimates," and variations of these words and similar expressions
are intended to identify forward-looking statements. Actual results
and the timing of certain events could differ materially from those
projected or contemplated by these forward-looking statements due
to a number of factors, including conditions in the homebuilding
industry, the residential real estate and mortgage markets and the
capital and financial markets generally, general economic
conditions, interest rates and other risk factors outlined in
Tarragon's SEC reports, including its Annual Report on Form 10-K
for the year ended December 31, 2007 and any subsequently filed
Quarterly Reports on Form 10-Q. Tarragon assumes no responsibility
to update forward-looking information contained in this press
release.
TARR-E
Contacts: Broadgate Consultants, LLC Alan H. Oshiki (212)
232-2222 Email Contact Tarragon Corporation William S. Friedman
(212) 949-5000 Email Contact
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