RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (Nasdaq: CHCI)
("Comstock" or the "Company"), a homebuilding and multi-faceted real
estate development and services company in the Washington, D.C.
metropolitan area, today announced that its Board of Directors has
authorized the repurchase of up to three million shares of its Class A
common stock.
The shares may be repurchased from time to time in open market, in
privately negotiated transactions or by other means in accordance with
federal securities laws. The amount of any shares purchased and the
timing of the purchases under the program will be determined by
management at its discretion and will depend on a number of factors,
including the market price of the Company's Class A common stock,
general market and economic conditions and other factors. There is no
guarantee as to the exact number of shares that will be repurchased
under the program, or that there will be any repurchases pursuant to the
program. In addition, the stock repurchase program may be suspended,
extended or terminated by the Company at any time without prior notice.
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate development and
services company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our track record of developing numerous successful
new home communities and more than 5,500 homes, together with our
substantial experience in building a diverse range of products including
apartments, single-family homes, townhouses, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
developments, has positioned Comstock as a leading residential developer
and homebuilder in the Washington, D.C. metropolitan area. Comstock
Holding Companies, Inc. is a publicly traded company, trading on NASDAQ
under the symbol CHCI. For more information about Comstock or its new
home communities, please visit www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking" statements that are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties that may cause actual future results
to differ materially from those projected or contemplated in the
forward-looking statements, including our ability to consummate
repurchases under the share repurchase program due to changes in our
stock price, economic or other market conditions, incurring substantial
indebtedness with respect to projects, the diversion of management's
attention and other negative consequences. Additional information
concerning these and other important risks and uncertainties can be
found under the heading "Risk Factors" in the Company's most recent Form
10-K, as filed with the Securities and Exchange Commission. Comstock
specifically disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Comstock Holding Companies, Inc.
Joseph Squeri, 703-230-1985
Chief
Financial Officer
or
Investor Relations
LHA
Harriet
Fried / Jody Burfening
212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
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