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Orleans Homebuilders, Inc. Completes the Acquisition of
the Charlotte Real Estate Assets of Peachtree Residential Properties
BENSALEM, Pa., Dec 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- On December
23, 2004, Orleans Homebuilders, Inc. (OHB), a residential homebuilder with
operations in Pennsylvania, New Jersey, North Carolina, South Carolina,
Virginia, Florida and Illinois, through a wholly owned subsidiary, completed
the acquisition of the real estate assets of Peachtree Residential
Properties in Charlotte, North Carolina pursuant to an Asset Purchase
Agreement of the same date. The acquisition included eight communities
consisting of approximately 215 building lots and rights to acquire
approximately 220 lots under agreements. Peachtree will continue to operate
as an independent company in the greater Atlanta market.
About Orleans Homebuilders, Inc.
Orleans Homebuilders, Inc. develops, builds and markets high-quality
single-family homes, townhouses and condominiums. The Company serves a broad
customer base including first-time, luxury, move-up, empty nester and active
adult homebuyers. The Company currently operates in the following ten
distinct markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and
Tidewater, Virginia; Orlando, Florida; and Chicago, Illinois. The Company's
Charlotte, North Carolina operations also include adjacent counties in South
Carolina. To learn more about Orleans Homebuilders, please visit
http://www.orleanshomes.com.
Certain information included herein and in other Company
statements, reports and SEC filings is forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements concerning anticipated earnings per share, operating
results, financial resources, pace of sales, growth and expansion. Such
forward-looking information involves important risks and uncertainties that
could significantly affect actual results and cause them to differ
materially from expectations expressed herein and in other Company
statements, reports and SEC filings. For example, there can be no assurance
that the current sales pace can continue in the absence of an improvement in
the current general economic environment. These risks and uncertainties
include local, regional and national economic conditions, the effects of
governmental regulation, the competitive environment in which the Company
operates, fluctuations in interest rates, changes in home prices, the
availability and cost of land for future growth, the availability of
capital, the availability and cost of labor and materials, our dependence on
certain key employees and weather conditions. Additional information
concerning factors the Company believes could cause its actual results to
differ materially from expected results is contained in Item 7 of the
Company's Annual Report of Form 10-K for the fiscal year ended June 30, 2004
filed with the SEC.
SOURCE Orleans Homebuilders, Inc.
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