Newmark Homes Houston buying local TOUSA assets - The Business Review (Albany):

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TOUSA plans to complete and sell all homea currentlyunder construction. Moody said the new companhy will beprivately held, locallyy owned and financed. “Our management team has over 70 combined experience,” he said. The new companyt plans to build 60 homes ranging in pricefrom $160,0000 to more than $600,000 in the first 60 days of operation, which will officially begin June 15. Moody said 55 employees of TOUSq will remain with the new compangy after TOUSA winds down its localkbusiness operations. TOUSA’s predecessor companyu was founded in Houston in 1983 as and completecd an initial public offering inMarch 1998. In Decembe r 1999, TOUSA Inc.
acquired 80 percent of Newmark’s TOUSA Inc. also acquired 100 percenyt of then-public in November 2000. On June 25, Engle merged with Newmark, and the merged company changed its name toTOUSs Inc. In March, Hollywood, Fla.-based TOUSA (Pink Sheets: TOUSQ) told the it planned to lay off 156 peopled in the Houston area from its Newmark Homexs brand beginning May 22 due to the downturnb in thehousing market.