NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- Tarragon Corporation (NASDAQ: TARR), a residential real estate developer and a multifamily investor, announced that the Company received a NASDAQ Staff Determination notice on January 12, 2009 in connection with the Company's filing of voluntary petitions for reorganization under Chapter 11, indicating that pursuant to Marketplace Rules 4300, 4450(f) and IM-4300, the Company's common stock will be delisted from The NASDAQ Stock Market. Trading will be suspended at the opening of business on January 22, 2009. The Company does not intend to appeal the NASDAQ staff's determination and therefore expects that the Company's common stock will be delisted after completion by NASDAQ of application to the Securities and Exchange Commission. As previously communicated, it is not expected that there will be any distribution to Tarragon equity holders in conjunction with the bankruptcy cases. Forward-Looking Statements Information in this press release includes "forward-looking statements" made pursuant of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "intends," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to statements regarding current trends in the markets in which Tarragon operates and the anticipated benefits of the Chapter 11 filing for Tarragon and its creditors. Actual results and the timing of certain events could differ materially from those projected or contemplated by the forward-looking statements due to a number of factors, including, but not limited to: conditions in the homebuilding industry and residential real estate and mortgage markets; the ability of Tarragon to develop, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 proceeding; the ability of Tarragon to arrange, and operate pursuant to the terms of, any debtor-in- possession facility; the negotiating positions of various constituencies and the results of negotiations regarding restructuring plans; the risk that the reorganization will not become effective in a timely manner or on terms favorable to the reorganized company; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for Tarragon to propose and confirm one or more plans of reorganization or pursuing related actions in connection with such a proceeding; conditions in the capital and financial markets generally; and general economic conditions, interest rates and other risk factors outlined in Tarragon's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2007 and more recent Quarterly Reports on Form 10-Q. DATASOURCE: Tarragon Corporation CONTACT: Media: Susan Kenney, MWW Group, +1-201-964-2392, ; Investors: Scott Eckstein, Financial Relations Board, +1-212-827-3766,

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