LV homebuilding firm’s merger canceled

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Friday, July 2, 1999 | 11:27 a.m.

Inco Homes Corp. of Upland, Calif., and American Communities of Las Vegas said they terminated a merger agreement announced in April.

American Communities was to receive 925,000 shares of newly issued stock of Inco under the deal, which was valued at about $2 million plus debt.

"Inco didn't turn in their 10Ks (annual reports) to the SEC (Securities and Exchange Commission). We're stepping back and letting them work out the issues they have," said American Communities' Vice President Matt Stapleton.

"Once everything is settled, merger discussions could resume in August."

American Communities, a privately held builder of entry-level and move-up single-family homes, was to oversee homebuilding operations of the merged company in Nevada and Southern California, where Inco builds about 400 homes per year for the first-time and first move-up markets.