SOURCE: Woodbridge Holdings Corporation

November 25, 2008 14:28 ET

Woodbridge Holdings Corporation Announces Board Approval of Stock Repurchase Program

FORT LAUDERDALE, FL--(Marketwire - November 25, 2008) - Woodbridge Holdings Corporation (PINKSHEETS: WDGH) today announced that its Board of Directors has approved a stock repurchase program. Under the program, Woodbridge is authorized to repurchase up to 5 million shares of its Class A Common Stock.

Under the program, Woodbridge may repurchase shares from time to time on the open market or in private transactions. There can be no assurance that Woodbridge will repurchase any or all of the shares authorized for repurchase under the program, and the actual number of shares repurchased will depend on a number of factors, including levels of cash generated from operations, cash requirements for acquisitions and investment opportunities, repayment of debt, current stock price, and other factors. The stock repurchase program does not have an expiration date and may be modified or discontinued at any time.

About Woodbridge Holdings Corporation

Woodbridge Holdings Corporation, directly and through its wholly owned subsidiaries, seeks to invest opportunistically within and outside the real estate industry. Historically, the Company's operations were primarily within the real estate industry; however, the Company's current business strategy includes the pursuit of opportunistic investments and acquisitions within or outside of the real estate industry, as well as the continued development of master-planned communities. Under this business strategy, the Company may not generate a constant earnings stream and the composition of the Company's revenues may vary widely due to factors inherent in a particular investment, including the maturity of the business, market conditions and cyclicality. Net investment gains and other income that may occur are to be driven by the Company's strategic initiatives as well as overall market conditions.

Core Communities, a wholly owned subsidiary, develops master-planned total-living community environments throughout the Southeastern United States, including its original and best known, St. Lucie West. The company's 8,200-acre Tradition™ Florida community is home to more than 1,700 families, vibrant commercial areas and a 4.5-mile-long employment corridor. The community is also home to the Florida Center for Innovation at Tradition (FCI) Research Park, in which The Torrey Pines Institute for Molecular Studies, Mann Research Center, Martin Memorial Health Systems and Oregon Health & Science University's Vaccine and Gene Therapy Institute have all announced plans to locate. Core is also expanding its Tradition™ brand with Tradition™ Hilton Head, an approximate 5,400-acre community planned to include 9,500 residences and 1.5 million square feet of commercial space, which features a variety of neighborhoods and housing styles, shopping and dining in Village Square, a Fitness Center & Spa and the Tommy Fazio-designed Tradition National Golf Course.

Cypress Creek Capital Holdings, LLC, a wholly owned subsidiary, is a real estate investment banking company. Cypress Creek Capital's acquisition program focuses on existing commercial income producing properties in Florida's growth markets. The company targets office, retail and industrial real estate.

Snapper Creek Equity Management, LLC is a wholly owned subsidiary of Woodbridge Holdings Corporation focused on activities related to investing in and acquiring mid-market diverse operating businesses.

For further information, please visit our websites:
www.WoodbridgeHoldings.com
www.CoreCommunities.com
www.CypressCreekCapital.com
www.SnapperCreek.com

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Contact Information

  • Woodbridge Holdings Corporation Contact Information:
    Investor Relations:
    Leo Hinkley
    SVP, Investor Relations Officer
    Phone: (954) 940-4995
    Fax: (954) 940-5320
    Email: Email Contact