K. Hovnanian Enterprises, Inc. Announces Completion Of Early Tender Period And Early Settlement Election Relating To Tender Offers For Certain Of Its Senior And Senior Subordinated Notes

RED BANK, N.J., Feb. 11, 2011 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today that the early tender period in respect of the previously announced cash tender offers by its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian") (each, a "Tender Offer" and collectively, the "Tender Offers"), for any and all of K. Hovnanian's outstanding 8% Senior Notes due 2012 (CUSIP 442488AL6) (ISIN US442488AL67), 8 ⁷/8% Senior Subordinated Notes due 2012 (CUSIP 442488AM4) (ISIN US442488AM41) and 7 ¾% Senior Subordinated Notes due 2013 (CUSIP 442488AP7) (ISIN US442488AP71) (collectively, the "Notes") expired today at 5:00 p.m., New York City time (the "Early Tender Date").   The Company further announced that withdrawal rights with respect to Notes tendered in the Tender Offers expired today at 5:00 p.m., New York City time. Holders of Notes who validly tendered and did not validly withdraw their Notes on or prior to the Early Tender Date, will be entitled to receive the applicable Total Tender Offer Consideration, which includes an early tender premium of $30 for each $1,000 principal amount of Notes validly tendered on or before the Early Tender Date and accepted in the applicable Tender Offer.

The table set forth below lists the aggregate principal amount of each series of Notes subject to the Tender Offers validly tendered and not validly withdrawn as of the Early Tender Date, and the consideration applicable to each such series of Notes.

CUSIP Number	ISIN Number	Title of Security	Aggregate Principal Amount Outstanding	Aggregate Principal Amount Tendered	Late Tender Offer Consideration 1	Early Tender Premium 1	Total Tender Offer Consideration 1
442488AL6	US442488AL67	8% Senior Notes due 2012	$35,528,000	$24,576,000	$973.30	$30.00	$1,003.30
442488AM4	US442488AM41	8 7/8% Senior Subordinated Notes due 2012	$66,639,000	$44,092,000	$973.75	$30.00	$1,003.75
442488AP7	US442488AP71	7 3/4% Senior Subordinated Notes due 2013	$53,531,000	$29,232,000	$986.00	$30.00	$1,016.00
(1) Per $1,000 principal amount of Notes accepted for purchase.

K. Hovnanian has elected to exercise the Early Settlement Election described in the Offer to Purchase dated January 31, 2011, relating to the Tender Offers (the "Offer to Purchase"). As a result, holders of Notes who validly tendered and did not validly withdraw their Notes on or prior to the Early Tender Date will receive the applicable Total Tender Offer Consideration for such tendered Notes on February 14, 2011 (the "Early Settlement Date"), plus accrued and unpaid interest on the purchased Notes from the last interest payment date for the Notes to, but not including, the Early Settlement Date, subject to the satisfaction or waiver of the conditions to each Tender Offer as set forth in the Offer to Purchase. Holders of Notes who validly tender their Notes after the Early Tender Date but on or before 12:00 midnight, New York City time, on February 28, 2011 (the "Expiration Date") will receive only the applicable Late Tender Offer Consideration for any such Notes that are accepted for purchase in the Tender Offers.