- Company evaluating whether or not to appeal delisting
IRVINE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- California Coastal
Communities, Inc. (Nasdaq: CALC) announced today that on October 28, 2009, it
received a delisting determination letter from the Nasdaq Stock Market Listing
Qualifications Staff indicating the Staff's decision to delist the Company's
common stock from the Nasdaq Stock Market pursuant to Nasdaq Marketplace Rules
5100, 5110(b) and IM-5101-1. The determination was made following the
Company's recent filing of a voluntary petition for relief under Chapter 11 of
the United States Bankruptcy Code pursuant to which the Company is seeking to
extend the maturity dates and change the repayment schedules for its
approximately $182 million of Brightwater credit facilities in order to repay
the debt in full in 2013 based on currently expected home sales over the next
four years.
The delisting determination letter further advised the Company that trading of
its common stock will be suspended at the opening of business on November 6,
2009 unless it requests a hearing before a Nasdaq Listing Qualifications
Hearing Panel to appeal the proposed delisting. The Company is evaluating
whether to request a hearing with the Panel to appeal the proposed delisting,
or to not appeal the Staff's decision and allow its common stock to be
delisted. If the common stock is delisted, the Company expects that it will
not be immediately eligible to trade over the OTC Bulletin Board or in the
"Pink Sheets," however, the common stock may become eligible for such trading
if a market maker makes application to quote the common stock in accordance
with Securities and Exchange Commission Rule 15c2-11, and such application is
cleared.
The Company is a residential land development and homebuilding company
operating in Southern California. The Company's principal subsidiaries are
Hearthside Homes which is a homebuilding company, and Signal Landmark which
owns 105 acres on the Bolsa Chica mesa where sales commenced in August 2007 at
the 356-home Brightwater community. Hearthside Homes has delivered 2,200
homes to families throughout Southern California since its formation in 1994.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995
Certain of the foregoing information contains forward-looking statements that
relate to future events or the Company's future financial performance. These
statements involve known and unknown risks, uncertainties and other factors
which may cause the Company's actual results, performance or achievements to
be materially different from any future results, performances or achievements
expressed or implied by the forward-looking statements. In some cases, you
can identify forward-looking statements by terminology such as "may," "will,"
"should," "expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential," "continue," or the negative of such terms or other
comparable terminology. These forward-looking statements include, but are not
limited to, statements about the Company's plans, objectives, goals,
expectations and intentions, the number and types of homes and number of acres
of land that the Company may develop and sell, the timing and outcomes of any
such development, the timing and outcomes of court proceedings, lender
negotiations, regulatory approval processes or administrative proceedings,
cash flows or sales, and other statements contained herein that are not
historical facts.
SOURCE California Coastal Communities, Inc.
Raymond J. Pacini, Chief Executive Officer of California Coastal Communities,
Inc., +1-949-250-7781
