Tarragon Corporation Files Quarterly Reports With the SEC
22 Dicembre 2007 - 3:21AM
Marketwired
NEW YORK, NY , a leading mixed use developer with a focus on for
rent and for sale multifamily housing, today announced that it has
filed its quarterly reports on Form 10-Q with the U.S. Securities
and Exchange Commission (SEC) for the quarters ended June 30 and
September 30, 2007. Tarragon believes that, by filing these
quarterly reports today, it is current with all of its SEC periodic
reporting requirements and is in compliance with the Nasdaq
Marketplace Rules.
As previously announced, the Nasdaq Listing Qualifications Panel
granted Tarragon's request to continue to have its common stock
listed on the Nasdaq Global Select Market subject to its filing of
the reports with the SEC by December 21, 2007.
"We are very pleased that we are now current with our SEC
filings, which we believe returns us to compliance with the Nasdaq
Marketplace Rules," said Tarragon Chairman and Chief Executive
Officer William S. Friedman. "Further to our news release of
November 27, we continue to make progress toward addressing our
liquidity issues. Since that date we have closed sales on another
three properties generating net proceeds of approximately $20
million. The proceeds from these sales have helped us restore
financial stability by replenishing our working capital and
returning our payables to normal levels."
About Tarragon Corporation
Tarragon Corporation is a leading developer of multifamily
housing for rent and for sale. Tarragon'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 "expects," "anticipates," "intends," "estimates,"
"designed to" and variations of these words and similar expressions
are intended to identify forward-looking statements, which include
statements regarding compliance with the SEC periodic reporting
requirements, the Nasdaq Marketplace Rules and the Nasdaq Listing
Qualification Panel's requirements, the expected use of net
proceeds of recently closed property sales, Tarragon's financial
condition and short-term liquidity needs and the timing of any
updates on the progress of restructuring and Tarragon's year-end
financial condition. 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 Tarragon's ability to complete currently contemplated
property sales on acceptable terms and conditions and to identify
suitable strategic or financial alternatives in the near-term, the
results of negotiations with Tarragon's lenders and other
creditors, risks associated with the potential delisting of
Tarragon's common stock from the Nasdaq Global Select Market,
Tarragon's ability to continue to make the required SEC filings by
the deadline set by the Nasdaq Marketplace Rules, 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, 2006 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 - G
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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