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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 25, 1999
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Sundance Homes, Inc.
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(Exact Name of Registrant as Specified in Charter)
Illinois 0-21900 36-3111764
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(State or Other Jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.
150 West Center Court, Schaumburg, Illinois 60195
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (847) 255-5555
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Item 5. Other Events.
On February 25, 1999, the Registrant issued the press release attached hereto as
Exhibit 99.1 announcing the execution of a letter of intent for the sale of
substantially all of the assets related to its suburban housing operations. The
information contained in this press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release of Registrant dated February 25, 1999
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SIGNATURES
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.
Sundance Homes, Inc.
Dated: February 26, 1999 By: /s/ JOSEPH R. ATKIN
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Joseph R. Atkin
Director, Vice President and
Chief Financial Officer
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Exhibit Index
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Exhibit # Item
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99.1 Press Release
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Exhibit 99.1
SUNDANCE HOMES, INC. SIGNS A LETTER OF INTENT TO SELL ASSETS
RELATED TO ITS SUBURBAN OPERATIONS TO CENTEX HOMES
Schaumburg, Ill. -- February 25, 1999 -- Sundance Homes, Inc. (NASDAQ:
SUNH) announced today that it has executed a letter of intent for the sale of
substantially all of the assets related to its suburban operations to Centex
Homes, the home building subsidiary of Centex Corporation ("Centex"). Upon
completion of the sale, Sundance will focus on its Chicago Urban Properties
division which develops properties near the downtown area of Chicago.
The sale of the suburban operating assets will allow Sundance to
substantially reduce its outstanding bank debt. Terms of the letter of intent
were not disclosed. Pending satisfactory completion of due diligence and other
conditions, the transaction is expected to be completed during the second
calendar quarter of 1999.
Sundance Homes is a builder of single family homes in the Chicago
metropolitan area and condominiums in the Chicago urban market. Since 1983, the
Company has closed sales of approximately 6,100 homes and completed development
of 28 communities. Sundance currently has 23 communities in various stages of
planning and development and controls land sufficient for the construction of
approximately 2,000 additional housing units.
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