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On December 31, 1998, Calton, Inc. (the "Company") sold the stock of its subsidiary, Calton Homes, Inc. to Centex Real Estate Corporation, a prominent nationwide homebuilder. This sale coincided with the Company's overall desire to enhance shareholder value. The Company's strategic plan then involved shifting the Company's focus to providing various services to participants in the homebuilding industry including debt financing, financial advisory and consulting services, and investing in, acquiring or combining with one or more operating businesses within or outside of the homebuilding industry.
Calton Inc. was incorporated in 1981, at which time the Company acquired all of the stock of Kaufman and Broad of New Jersey, Inc. as a subsidiary of the Company. After the acquisition, the subsidiary's name was changed to Calton Homes, Inc. From 1969 through 1998, the Company and related entities have constructed and sold approximately 17,500 homes in residential developments primarily in New Jersey and Florida with divisions in California, Illinois and Pennsylvania.
Subsequent to the sale of Calton Homes, we contracted with Centex to provide consulting services, including marketing, financial and acquisition analysis within the New Jersey and Pennsylvania residential markets.
