American Homestar Corporation Announces Strategic Retail Acquisitions in Its Western Regions.HOUSTON--(BUSINESS WIRE)--June 23, 1998--American Homestar Corporation (Nasdaq/NM:HSTR HSTR Harry S Truman National Historic Site (US National Park Service) HSTR High Speed Token Ring ) today announced that it has signed a definitive agreement to acquire substantially all of the assets of DWP DWP Department of Work and Pensions (UK) DWP Drinking Water Program DWP Dynamic Weapon Pricing (gamin, Counter-Strike: Source) DWP Department of Water & Power DWP Drinking Water Protection Management, Inc. and the stock of its related companies, Value Homes Inc., Value Homes of Washington, Premiere Manufactured Homes, Inc., Premiere Manufactured Homes Inc. of Washington, Park Place Mobile Homes, Inc., Kilroy's M.H., Inc. and Premiere Homes of Moses Lake Moses Lake, city (1990 pop. 11,235), Grant co., central Wash., on Moses Lake; settled 1897, inc. 1938. A distribution and shipping point for the Columbia basin project, it produces are sugar, potatoes, milk, paper, rocket propellant, silicon, chemicals, and frozen foods. , Inc. (the "DWP Companies") through a merger of the DWP companies into a newly formed subsidiary of American Homestar. When completed, American Homestar will own 80% of this new venture which will add six new retail sales centers (three in Oregon, two in Washington, and one in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). ) with combined annual sales in calendar 1997 of more than $57 million. The new Company will function as a separate, majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. . Terms of the transaction were not disclosed. Commenting on this pending acquisition, American Homestar Co-Chief Executive Officers Finis F. Teeter and Laurence A. Dawson, Jr. issued a joint statement, "The DWP Companies represent a significant step in our western expansion at a time when we also are focusing on growing our operations in the Southeast and Deep South. We were impressed with the strength and depth of the DWP organization under the leadership of founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dean Pullman Pullman. 1 Former town, since 1889 part of Chicago, Ill. It was founded in 1880 by George M. Pullman as a model community for workers of his sleeping-car company; all property was company owned, and administration policies were paternalistic. . The company has a record of high performance and exceptionally strong sales volume per sales center. We are excited about the structure of this transaction which couples DWP's entrepreneurial drive and spirit with our resources to support continued growth. We view this as a significant strategic alliance which will provide a platform for growth in the important Pacific Northwest regional markets." The Company recently announced two other planned acquisitions which will substantially increase its market presence in the Carolinas. R-Anell Custom Homes, Inc. operates three manufacturing plants (housing four production lines) in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , producing both manufactured and modular homes. First Value Homes, Inc. operates two retail sales centers in North Carolina with focus on the sale of upscale manufactured and modular homes. American Homestar is one of the leading vertically integrated manufactured housing Manufactured housing (also known as prefab housing) is a type of housing unit that is largely assembled in factories and then transported to sites of use. In the United States, the term "manufactured home" specifically refers to a house built entirely in a protected companies. Exclusive of the pending acquisitions referenced above, the Company currently operates 11 manufacturing plants, 86 Company-owned retail sales centers, and serves more than 40 retail franchisees and over 300 independent retail locations in 28 states. The Company also provides retail financing through its finance affiliate, 21st Century Mortgage, and provides insurance and transportation services to its customers. This press release may contain certain forward-looking statements and information based on the beliefs of the Company's management as well as assumptions made by, and information currently available to, the Company's management. Words like "anticipate," believe," "estimate," "should," "expect," and similar expressions used in this press release are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties, and assumptions, including the risk factors described in the Company's most recently filed registration statement and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual events or results may vary from those described herein as anticipated, expected, believed, or estimated.
CONTACT: American Homestar Corp., Houston
Craig Reynolds, 281/334-9702
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