FORT LAUDERDALE, Fla., Nov. 18, 2011 (SEND2PRESS NEWSWIRE) — Calton, Inc. (CTON.PK / PINK:CTON) announced today that The Company has raised $600,000 in a private offering of Common Stock and The Company’s corporate name has been changed to Second Street Capital, Inc.
The Company also announced that:
– A new Board of Directors and management team has been appointed.
– Second Street Capital’s primary business focus will be to operate as a specialty finance company providing asset based lending to small businesses, export trading companies and small and medium sized homebuilders and developers.
– The Company effected a one-for-ten reverse split of its Common Stock effective November 18, 2011.
The Company’s new Chairman and Chief Executive Officer, Kyle E. Meyer, acquired shares of the Company’s outstanding Common Stock pursuant to the private placement. Anthony J. Caldarone, who served as the Company’s President and Chief Executive Officer until the completion of the private placement, also purchased shares of Common Stock in the transaction.
The Company’s Board of Directors now consists of Mr. Meyer, Mr. Caldarone, George Henderson and Maria F. Caldarone, who has served as an Executive Vice President of the Company since September 2002 and will continue in that capacity. Other members of the management team include Thomas Lunak, who will serve as President and Chief Operating Officer, Jack Rodgers and John Bock, who will serve as Executive Vice Presidents, and Laura Camisa, who has been appointed Chief Financial Officer. Ms. Camisa previously served as the Company’s Chief Financial Officer from April 2004 through September 2007.
Certain information included in this press release and may contain forward looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the Company’s ability to raise capital, risks associated with the Company’s new business plan, national and local economic conditions, including conditions in the homebuilding and construction industry, conditions and trends in the real estate industry in general, changes in interest rates and other factors.
For more information, contact:
Kyle E. Meyer
Chairman and Chief Executive Officer
Second Street Capital, Inc.
Or for more information, visit: http://www.secondstreetcap.com .
News Source: Second Street Capital, Inc. :: This press release was issued on behalf of the news source by Send2Press® Newswire, a service of Neotrope®. View all current news at: http://Send2PressNewswire.com .