COLUMBUS, Ohio, March 2, 2018 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced today that the Company has successfully closed the acquisition of the residential homebuilding assets and operations of Pinnacle Homes, a homebuilder in the greater Detroit, Michigan market.
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes, commented, "We are excited to close this transaction and expand our operations into the Detroit market. Detroit represents our 16th market and further enhances our growth objectives and strengthens our geographic footprint. We are pleased to welcome the team of Pinnacle Homes associates to our Company."
M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having sold over 105,000 homes. The Company's homes are marketed and sold primarily under the trade names M/I Homes and Showcase Collection (exclusively by M/I Homes), and also currently operates under the name Hans Hagen Homes in its Minneapolis/St. Paul, Minnesota market. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, with respect to the impact of the Pinnacle Homes acquisition on operations and results. Words such as "expects," "anticipates," "targets," "envisions", "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, the potential impact to the Company's or Pinnacle Homes' business as a result of the announcement of the acquisition and the risk that the business of Pinnacle Homes will not be successfully integrated as well as other factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defect, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2017, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
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SOURCE M/I Homes, Inc.