PERRIS, Calif.–(BUSINESS WIRE)–Jan. 3, 2008–Modtech Holdings, Inc. (Nasdaq:MODT) announced a multi-year agreement with LivingHomes, LLC (”LivingHomes”) under which Modtech Holdings Inc. (”Modtech”) will be the exclusive manufacturer of LivingHomes’ Ray Kappe-designed steel-framed modular single-family homes in markets served jointly by the two companies.
Modtech President and Chief Executive Officer Dennis Shogren commented: “We are excited to partner with LivingHomes and to build on the success of our first project together, which was completed last November. We are already under way on the next project, with several more in the early stages of design and approval. In addition to the substantial business opportunity this product line represents over the next several years, it’s just plain fun to look at a completed Ray Kappe-designed home and say ‘Modtech built that!’”
“We look forward to working with Modtech on our Ray Kappe-designed homes,” said LivingHomes Founder and CEO Steve Glenn. “By partnering exclusively with a manufacturer of Modtech’s caliber, we will be able to reduce our costs and delivery schedules and increase our national reach.”
Shogren continued, “The agreement with LivingHomes capped a very good fourth-quarter bookings effort. At over $50 million in bookings, this was the highest level of quarterly bookings in the last two years. Even more gratifying than the turnaround in our bookings trend is the fact that more than half of the bookings came from new products introduced over the past 15 months. Bookings for the quarter included new products for the military, our recently introduced Blockhead and GLO product lines, and our niche residential products, which demonstrate that our strategy of diversifying our product offerings is beginning to take hold and will serve us well in the future.
“Our excitement over the increased bookings is tempered by the realization that a turnaround in financial results can be expected to lag the turnaround in bookings by one to two quarters. We continue to carefully manage our costs and look forward to a return to profitability as we begin construction supported by the growing backlog.”
Perris, Calif.—November 8, 2007—Modtech Holdings, Inc. (Nasdaq:MODT) announced that it now has the ability to offer the Iguana green classroom buildings via a district-approved cooperative purchase (”piggyback”) agreement. The Iguana is based on standards from the Collaborative for High Performance Schools (CHPS) and is Leadership in Energy and Environmental Design (LEED) certifiable without site consideration.
According to Modtech’s School Group President, Ron Savona, the piggyback contract enables buyers in the California education market to purchase buildings at competitively bid prices without the time and expense of bidding the project again. “The Iguana relocatable green classroom building complements our full line of permanent and relocatable educational buildings, which can be configured for LEED or CHPS certification,” stated Savona.
Savona noted that many architects and school districts are interested in the Iguana as it qualifies for both LEED and CHPS certification. To decrease energy use, the Iguana includes a high-SEER heat pump and Icyene insulation for reduced HVAC load and mold potential. Solatube skylights increase natural lighting, which decreases the need for artificial lighting. Environmentally friendly materials such as highly recycled content products are used throughout and production waste materials are recycled. The combination of no VOC materials, improved insulation, and an ultra-quiet HVAC system provides a superior learning environment.
The factory construction process allows Modtech to provide customers with buildings up to 60% faster than conventional on-site construction and with significantly less site disruption. The buildings are of comparable or superior quality compared to those constructed by conventional methods.
