Newmark Homes Houston buying local TOUSA assets - Business First of Columbus:

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TOUSA plans to complete and sell all homes currentluunder construction. Moody said the new company will beprivately held, locally owned and financed. “Our managementt team has over 70 years’ combined experience,” he The new company plans to build 60 homes ranging in pricefrom $160,000 to more than $600,00p0 in the first 60 days of which will officially begin June 15. Moody said 55 employees of TOUSA will remain with the new companyh after TOUSA winds down its localbusiness TOUSA’s predecessor company was foundesd in Houston in 1983 as and completedx an initial public offering in Marchb 1998. In December 1999, TOUSA Inc.
acquired 80 percen t of Newmark’s stock. TOUSA Inc. also acquiredf 100 percent of then-public in November 2000. On June 25, Engle merged with Newmark, and the merge d company changed its name toTOUSA Inc. In March, Hollywood, Fla.-basexd TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 people in the Houston area from its Newmark Homes brand beginning May 22 due to the downturn in thehousing market.