In a media release on 4.27.2021, Deer Valley Corporation (DVC) (OTCMKTS: DVLY) announced the following “short form merger.” Following this press release will be additional information on Peerless Homes Corporation and on Deer Valley.
Tue, April 27, 2021, 6:41 PM
GUIN, Ala., April 27, 2021 /PRNewswire/ — Deer Valley Corporation, a Florida corporation (“DVC” or the “Company”) (OTCMKTS: DVLY) announced that it entered into an Agreement and Plan of Merger dated April 7, 2021 (the “Merger Agreement”) with Deer Valley Merger Sub, Inc., a Florida corporation (“Merger Sub“), and Peerless Homes Corporation (the “Parent“), pursuant to which the parties completed a short form merger of Merger Sub with and into DVC, with DVC being the surviving corporation (the “Short Form Merger“). The Short Form Merger was recorded by the Florida Department of State on April 26, 2021, effective as of April 20, 2021.
Background and Transaction
Prior to completion of the Short Form Merger, the Parent owned in excess of 80% of the outstanding capital of DVC and 100% of Merger Sub. The Board of Directors of DVC, the Merger Sub, and the Parent, each approved the Short Form Merger. Approval by the shareholders of DVC was not required for the Short Form Merger. No regulatory or third party approvals are required.
Under the terms of the Merger Agreement, the Short Form Merger resulted in (1) the Merger Sub being merged with and into DVC, with DVC being the surviving entity, (2) each share of DVC’s common stock issued and outstanding immediately on the effective date of the Merger (other than shares owned by the Parent) converted into the right to receive $0.91 in cash per share (the “Merger Share Price”), (3) Parent retaining the issued and outstanding shares it owns in DVC, resulting in Parent owning 100% of the issued and outstanding common stock of DVC, the surviving corporation, upon completion of the Short Form Merger, and (4) the current directors and officers of DVC remained as the directors and officers of DVC, the surviving corporation. The Merger Share Price was determined by an independent appraiser.
Each record shareholder may elect to assert his, her or its statutory appraisal rights pursuant to Florida Statutes, §§607.1301-607.1340. DVC is mailing to all record shareholders information concerning (a) his, her or its statutory appraisal rights, and (b) payment of the Merger Share Price (the “Shareholder Mailing“).
About Deer Valley
DVC designs and manufacture factory-built homes marketed through a network of independent dealers, builders, developers and government agencies located primarily in the southeastern and southcentral regions of the United States. DVC is dedicated to building premier heavily constructed high-quality, energy-efficient homes for our valued homebuyer.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, ” expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Transaction. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, DVC disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, DVC undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
CONTACT: Steve Lawler
205-468-8400″
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Per his LinkedIn profile, which is typically produced by the person described, Lawler has been with Deer Valley since 2004. “Deer Valley Homebuilders, Inc….Jan 2004 – Present 17 years 4 months.”
According to Florida Company Registry, the is the following thumbnail about Peerless.
PEERLESS HOMES LLC was filed on 21 May 2018 as Limited Liability Company type, registered at 7988 Via Dellagio Way Suite 206 ORLANDO, FL 32819 . It’s Document Number is L18000127238, and FEI/EIN No. is 30-1076538 . The state for this company is Florida. There is 1 director of this company. The agent name of this company is: D32 INVEST LLC , and company’s status is ACTIVE now.
Peerless Homes Llc has been operating for 2 years 11 months, and 8 days.”
The video above is a prior interview a few years back with Steve Lawler for MHLivingNews.
The following are a sampling of some previous reports that focus on Deer Valley.
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Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
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- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
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Spring 2021…
Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.
