Apple Homes to Offer $900,000 Convertible Debentures, Spin Off Financing Subsidiary.AUGUSTA, Ga.--(BUSINESS WIRE)--Jan. 5, 1999--Apple Homes Corporation (OTC/BB:APHC APHC All Parties Hurriyat Conference (Kashmir) ApHC Appaloosa Horse Club (Moscow, Idaho) APHC Association des Pharmaciens du Canada (Canadian Pharmacists Association) ), a leading retailer in 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 , today announced it had signed a letter of intent with the Plainview, New York-based broker-dealer Redstone Securities, Inc. to offer $900,000 of 10% convertible debentures with a conversion price of $5 per share and a 5-year maturity. The offer is in compliance with Rule 504 under Regulation D of the Securities & Exchange Commission. The securities are expected to be offered for sale immediately. Proceeds from the sale are to be utilized for expansion, working capital, and a floor plan financing reserve, the Company said. Apple Homes also announced it intends to spin off approximately 20% of its wholly-owned finance subsidiary, Southern States Southern States U.S. Confederacy government of 11 Southern states that left the Union in 1860. [Am. Hist.: EB, III: 73] Dixie popular name for Southern states in U.S. and for song. [Am. Hist. Lenders, Inc.. The divestiture would be on a pro-rata basis, each shareholder receiving one share of Southern States Lenders for every ten shares of Apple shares owned of record date March 1, 1999, said Robert S. Wilson, chairman of the board of Apple Homes. Wilson noted that since Southern States Lenders is a mortgage broker that services buyers and refinancers of both site-built homes as well as those of the manufactured housing industry, Apple Homes' board of directors felt it would be better to have Southern States Lenders operate independently in enhancing its growth. Apple Homes represents six manufacturers and is the largest retailer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. for General Housing Corporation of Waycross, Georgia Waycross is a city in Ware County, Georgia, United States. The population was 15,333 at the 2000 census, and a micropolitan area of 51,611. The city is the largest city and county seat of Ware CountyGR6. . "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Except for the historical information contained herein, certain of the matters discussed in this press release are "forward-looking statements" as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices , labor costs, interest rates, consumer confidence, competition, environmental factors, and governmental regulations affecting the company's operations. |
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