EXHIBIT 99.01
DEER VALLEY CORPORATION ANNOUNCES THE ADDITION OF THREE NEW DIRECTORS TO ITS
BOARD
September 26, 2006
Deer Valley Corporation (OTCBB: DVLY) (referred to herein as "Deer Valley" or
the "Company"), announced that at a meeting held on September 21, 2006, the
Company's Board of Directors elected three new directors to fill vacant Board
positions. The election of Mr. Joel S. Logan, Mr. Steve Lawler and Mr. Chet
Murphree, formally brought to the Board the broad, in-depth, technical and
historical knowledge of the manufactured housing industry and of the Company
that had previously been concentrated at the operating subsidiary level.
At a special meeting of shareholders held on July 24, 2006, the Company's Board
of Directors had been reconfigured by the election of three directors from
outside the manufacturing industry. The election of those directors by the
shareholders extended the Board's expertise in matters related to accounting and
public company governance.
Mr. Charles G. Masters, the Chairman of Deer Valley's Board and CEO, stated,
"The recent actions taken by the shareholders and the subsequent actions of the
Board have resulted in a composite Board membership that is appropriate for a
company of our size and level of growth in revenue and operating profits. This
Board understands the competitive nature of the housing industry at this time,
and the responsibilities as well as the opportunities that are inherent in
participating in the public market. In an industry that is experiencing
consolidation, Deer Valley, throughout its relatively brief history, has been a
product innovator and one of the market leaders in growth. The six men who have
joined our Board this quarter have accepted the challenge to work diligently in
the ongoing process of converting our growth into ever increasing shareholder
value."
BY WAY OF THIS ANNOUNCEMENT, WE WELCOME OUR THREE NEWEST MEMBERS TO THE DEER
VALLEY BOARD:
JOEL STEPHEN LOGAN, II is a corporate Director, President, and General Manager
of Deer Valley Homebuilders, Inc. ("DVHB"). Mr. Logan is well known throughout
the manufactured home industry having founded and operated two successful
companies in the industry. Since leading the group that founded DVHB in 2004,
Mr. Logan has served as Chairman of the Board, General Manager and President of
that company. In 1996, Mr. Logan led the group that founded a manufactured
housing company, Pinnacle Homes of Alabama. Mr. Logan he served as served as
President and General Manager of Pinnacle until the company was purchased in
1998. Following the buy-out, Pinnacle became a division of Patriot Homes of
Indiana, and he continued as General Manager of the Pinnacle Division until
2003. Mr. Logan holds a degree in Business Administration Mississippi State
University.
CHARLES L. MURPHREE, JR. ("Chet") is a corporate Director, Vice President, and
Regional Sales DVHB. As one of the founders of DVHB, since April of 2004 Mr.
Murphree has served as a Corporate Director, Sales Manager and Vice President of
Deer Valley Homebuilders, Inc. From 2003 until 2004, Mr. Murphree served as
Plant Manager for Clayton Homes, Inc. From 2000 through 2003, Mr. Murphree
worked as General Manager of the Energy and LifeStyle Divisions of Southern
Energy Homes, Inc. Mr. Murphree graduated from the University of Alabama
Huntsville with a Bachelor of Science in Business Administration.
JOHN STEVEN LAWLER, is a Corporate Director and Director of Finance of DVHB. As
part of the DVHB's founding group, since April 2004 Mr. Lawler, a certified
public accountant, has served as Director of Finance for DVHB. From 2001 until
2004, he served as ERP and IT Project Manager for Cavalier Homes, Inc. From
1999 until 2001, Mr. Lawler worked as the ERP Team Leader for Financial
Accounting for Cavalier Homes, Inc. Mr. Lawler holds a Bachelor of Science in
Business Administration from the University of Alabama.
ABOUT DEER VALLEY CORPORATION
Deer Valley Corporation is a manufactured home builder with manufacturing plants
in Guin and Sulligent, Alabama. The Company is dedicated to offering
exceptionally high quality homes that are delivered with a sense of warmth,
friendliness, and personal pride. The management of the Company has over 125
years of combined industry experience from various backgrounds including general
management, production, sales, customer service, and finance. Additional
information can be found at http://www.deervalleyhb.com.
The corporate offices are located at 4902 Eisenhower Blvd., Suite 185, Tampa, FL
33634. Questions may be addressed to Charles G. Masters, CEO, at (813) 885-5998.
Forward-Looking-Statement: Except for factual statements made herein, the
information contained in this press release consists of forward-looking
statements that involve risks and uncertainties, including the effect of
changing economic conditions, competition within the manufactured home industry,
customer acceptance of products and other risks and uncertainties. Such
forward-looking statements are not guarantees of performance, and Deer Valley's
results could differ materially from those contained in such statements. You can
generally identify forward-looking statements through words and phrases such as
"forecast", "seek", "anticipate", "believe", "estimate", "expect", "intend",
"plan", "budget", "project", "may be", "may continue", "may likely result", and
similar expressions. These forward-looking statements speak only as of the date
of this release, and Deer Valley undertakes no obligation to publicly update any
forward-looking statements to reflect new information, events or circumstances
after the date of this.
Contact Information:
Deer Valley Corporation, Tampa Florida
Charles G. Masters (813) 885-5998