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

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TOUSA plans to complete and sell all homes currentlyundee construction. Moody said the new company will beprivatelty held, locally owned and financed. “Out management team has over 70 years’ combinedx experience,” he said. The new company planes to build 60 homexs ranging in pricefrom $160,000 to more than $600,000 in the firstf 60 days of operation, which will officially beginh June 15. Moody said 55 employees of TOUSA will remain with the new companuy after TOUSA winds down its localbusinessw operations. TOUSA’s predecessor compan y was founded in Houston in 1983 as and complete d an initial public offering inMarch 1998. In Decemberd 1999, TOUSA Inc.
acquired 80 percent of Newmark’s TOUSA Inc. also acquired 100 percenrt of then-public in November 2000. On June 25, 2002, Engles merged with Newmark, and the merged compangy changed its name toTOUSA Inc. In Hollywood, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 peopl e in the Houston area from its Newmark Home brand beginning May 22 due to the downturj in thehousing market.