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TOUSA, Inc. (Engle Homes) Media Statement re: Chinese Drywall

Posted on: Tuesday, 17 March 2009, 15:28 CDT

HOLLYWOOD, Fla., March 17 /PRNewswire-FirstCall/ -- TOUSA, Inc. (Pink Sheets: TOUSQ) -- In response to recent news coverage and inquiries surrounding the use of Chinese Drywall, TOUSA, Inc., and the Engle Homes brand today released the following statement:

TOUSA, Inc. and the Engle Homes brand take health and safety issues very seriously. Upon learning about this issue we took immediate action to investigate and continue to do so. Our initial findings tell us that this seems to be an isolated incident that has affected a small number of Engle homes in the Fort Myers, Florida area and we are currently developing a plan to assist our affected homeowners. Homeowners who believe they may be affected by this issue may call 239-936-8094 to set up an inspection. Keeping our commitment to our customers is one of our top priorities.

About TOUSA, Inc.

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 www.tousa.com.

This media statement may contain forward-looking statements within the meaning of within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of the Company and its management. Any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to: (i) the Company's ability to continue as a going concern (ii) the Company's ability to obtain court approval with respect to motions in the Chapter 11 proceeding; (iii) the ability of the Company to develop, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 proceeding; (iv) risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the cases to Chapter 7 cases; (v) the ability of the Company to obtain and maintain normal terms with vendors and service providers; (vi) the Company's ability to maintain contracts that are critical to its operations; (vii) the potential adverse impact of the Chapter 11 cases on the Company's liquidity or results of operations; (viii) the ability of the Company to attract, motivate and/or retain key executives and employees; (ix) the ability of the Company to attract and retain customers and (x) other risks and factors regarding the Company and the home building industry identified from time-to-time in the Company's reports filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, and June 30, 2008, which can also be found on the Company's website at www.tousa.com. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.

SOURCE TOUSA, Inc.

Source: PR Newswire

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