<SEC-DOCUMENT>0000950123-11-089803.txt : 20111013
<SEC-HEADER>0000950123-11-089803.hdr.sgml : 20111013
<ACCEPTANCE-DATETIME>20111013131911
ACCESSION NUMBER:		0000950123-11-089803
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111012
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111013
DATE AS OF CHANGE:		20111013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		111139094

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y93094e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><!-- xbrl,dc --><B>Date of Report (Date of earliest event reported): October&nbsp;12, 2011</B><!-- /xbrl,dc --></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-8551</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1851059</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(732)&nbsp;747-7800</B><BR>
(Registrant&#146;s telephone number, including area code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former Name or Former Address, if Changed Since<BR>
Last Report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<!-- link1 "Item&nbsp;8.01. Other Events." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8.01. <U>Other Events.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12, 2011, Hovnanian Enterprises, Inc. (&#147;Hovnanian&#148;) issued a press release relating
to the previously announced private exchange offers and consent solicitation of K. Hovnanian
Enterprises, Inc., a wholly owned subsidiary of Hovnanian. In the press release, Hovnanian
announced the extension of the Early Tender and Consent Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offers and consent solicitation are being made within the United States only to
&#147;qualified institutional buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), and outside the United States to non-U.S. investors pursuant to Regulation
S. The new secured notes to be offered have not been and will not be registered under the
Securities Act and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. The information contained in this report does
not constitute an offer to sell or the solicitation of an offer to buy senior notes or new secured
notes subject to the exchange offers in any jurisdiction in which such an offer or sale would be
unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated herein by
reference.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;9.01. <U>Financial Statements and Exhibits</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d) <I>Exhibits.</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated October&nbsp;12, 2011.</TD>
</TR>
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</TABLE>
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SIGNATURES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOVNANIAN ENTERPRISES, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/          J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: October&nbsp;13, 2011
</DIV>



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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>INDEX TO EXHIBITS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
</TR>

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<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated October&nbsp;12, 2011.</TD>
</TR>
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</TABLE>
</DIV>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y93094exv99w1.htm
<DESCRIPTION>EX-99.1
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<TITLE>exv99w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><I>Exhibit&nbsp;99.1</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">HOVNANIAN ENTERPRISES, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>News Release</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. Larry Sorsby
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey T.O&#146;Keefe</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President &#038; CFO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Investor Relations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Hovnanian Enterprises Announces the Extension of the Early Tender and Consent Time in
Connection with its Previously Announced Private Debt Exchange Offers for Certain of its Debt
Securities</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RED BANK, NJ, October&nbsp;12, 2011 &#151; Hovnanian Enterprises, Inc. (NYSE: HOV) (the &#147;Company&#148;) announced
today that in connection with its previously announced private exchange offers and consent
solicitation, it has extended the Early Tender and Consent Time from 5:00 p.m., New York City time,
on October&nbsp;12, 2011 to 5:00 p.m., New York City time, on October&nbsp;17, 2011. The Company also
announced that the Withdrawal and Revocation Deadline expired at 5:00 p.m., New York City time, on
October&nbsp;12, 2011. As a result of the extension of the Early Tender and Consent Time, holders of
Senior Notes that properly tender their Senior Notes prior to or on the extended Early Tender and
Consent Time, and whose Senior Notes are accepted for exchange will receive the Total
Consideration. Holders of Senior Notes who properly tender their Senior Notes after the Early
Tender and Consent Time and on or before the Expiration Time, and whose Senior Notes are accepted
for exchange will receive the Exchange Consideration. In addition, accrued and unpaid interest up
to, but not including, the settlement date will be paid in cash on all properly tendered and
accepted Senior Notes. The exchange offers will expire at 11:59&nbsp;p.m., New York City time, on
October&nbsp;26, 2011, unless extended or earlier terminated (the &#147;Expiration Time&#148;). Capitalized terms
used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the
Confidential Offering Memorandum and Consent Solicitation Statement (the &#147;Offering Memorandum&#148;)
relating to the exchange offers and consent solicitation and the accompanying Consent and Letter of
Transmittal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange offers are being made within the United States only to &#147;qualified institutional
buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
and outside the United States to non-U.S. investors pursuant to Regulation&nbsp;S under the Securities
Act. The New Secured Notes to be offered have not been and will not be registered under the
Securities Act and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press release does not constitute an
offer to sell or the solicitation of an offer to buy Senior Notes or New Secured Notes in any
jurisdiction in which such an offer or sale would be unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian&#146;s obligation to accept any Senior Notes tendered and to pay the applicable
consideration for them is set forth solely in the Offering Memorandum and the accompanying Consent
and Letter of Transmittal. Documents relating to the exchange offers will only be distributed to
holders of Senior Notes who complete a letter of eligibility confirming that they are within the
category of eligible holders for the exchange offers. Copies of the eligibility letter are
available to holders of the Senior Notes through the information agent, Global Bondholder Services
Corporation, at (866)&nbsp;389-1500 (toll free) or (212)&nbsp;430-3774 (collect). The exchange offers are
made only by, and pursuant to, the terms set forth in the Offering Memorandum, and the information
in this press release is qualified by reference to the Offering Memorandum and the accompanying
Letter of Transmittal. Subject to applicable law, K. Hovnanian may amend, extend or terminate the
exchange offers and the consent solicitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">About Hovnanian Enterprises
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank,
New Jersey. The Company is one of the nation&#146;s largest homebuilders with operations in Arizona,
California, Delaware, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia.
The Company&#146;s homes are marketed and sold under the trade names K. Hovnanian<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Homes<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP>, Matzel &#038;
Mumford, Brighton Homes, Parkwood Builders, Town &#038; Country Homes and Oster Homes. As the developer
of K. Hovnanian&#146;s<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Four Seasons communities, the Company is also one of the nation&#146;s largest
builders of active adult homes.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-Looking Statements
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All statements in this press release that are not historical facts should be considered as
&#147;forward-looking statements&#148;. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by
the forward-looking statements. Although we believe that the Company&#146;s plans, intentions and
expectations reflected in, or suggested by such forward-looking statements are reasonable, neither
we nor the Company can provide assurance that such plans, intentions or expectations will be
achieved. Such risks, uncertainties and other factors include, but are not limited to, (1)&nbsp;changes
in general and local economic and industry and business conditions and impacts of the sustained
homebuilding downturn, (2)&nbsp;adverse weather, natural disasters and environmental conditions, (3)
changes in market conditions and seasonality of the Company&#146;s business, (4)&nbsp;changes in home prices
and sales activity in the markets where the Company builds homes, (5)&nbsp;government laws and
regulations, including, among others, those concerning development of land, the home building,
sales and customer financing processes, tax laws, and the protection of the environment, (6)
fluctuations in interest rates and the availability of mortgage financing, (7)&nbsp;shortages in, and
price fluctuations of, raw materials and labor, (8)&nbsp;the availability and cost of suitable land and
improved lots, (9)&nbsp;levels of competition, (10)&nbsp;availability of financing to the Company, (11)
utility shortages and outages or rate fluctuations, (12)&nbsp;levels of indebtedness and restrictions on
the Company&#146;s operations and activities imposed by the agreements governing the Company&#146;s
outstanding indebtedness, (13)&nbsp;the Company&#146;s sources of liquidity, (14)&nbsp;changes in the Company&#146;s
credit ratings, (15)&nbsp;availability of net operating loss carryforwards, (16)&nbsp;operations through
joint ventures with third parties, (17)&nbsp;product liability litigation and warranty claims, (18)
successful identification and integration of acquisitions, (19)&nbsp;significant influence of the
Company&#146;s controlling stockholders, (20)&nbsp;geopolitical risks, terrorist acts and other acts of war,
and (21)&nbsp;other factors described in detail in the Company&#146;s Annual Report on Form 10-K/A for the
year ended October&nbsp;31, 2010 and the Company&#146;s quarterly reports on Form 10-Q or 10-Q/A for the
quarters ended January&nbsp;31, 2011, April&nbsp;30, 2011 and July&nbsp;31, 2011, respectively and in the Offering
Memorandum under &#147;Risk Factors.&#148; All forward-looking statements attributable to the Company, us or
persons acting on the Company&#146;s or our behalf are expressly qualified in their entirety by the
cautionary statements and risk factors contained throughout the Offering Memorandum. Except as
otherwise required by applicable securities laws, neither we nor the Company undertakes any
obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events, changed circumstances or any other reason.
</DIV>


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