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Wildlife Conservation Board Approves Purchase of Bolsa Chica Mesa Property
Wildlife Conservation Board Approves Purchase of 103 Acres of CALC's 208-Acre Bolsa Chica Mesa Property

IRVINE, Calif., Aug. 12 /PRNewswire-FirstCall/ -- California Coastal
Communities, Inc. (Nasdaq: CALC) reported that the State's Wildlife
Conservation Board approved the previously announced agreement to purchase the Company's 103-acre lower bench of the Bolsa Chica mesa for $65 million, which
transaction remains subject to shareholder approval. The proposed transaction
received overwhelming support, with favorable comments from Assembly member
Tom Harman from Huntington Beach and Flossie Horgan of the Bolsa Chica Land
Trust, plus more than 270 letters of support from the public. In their
November 2000 decision, the Coastal Commission suggested that the lower bench
of the mesa be preserved as upland habitat.

Raymond J. Pacini, CEO of the Company, stated: "We are pleased that the
Wildlife Conservation Board approved the agreement. Using Proposition
50 funds to acquire the property achieves the Coastal Commission's goal of
preserving the lower bench as upland habitat. The only step left is for the
Commission to approve our application for 379 homes on the upper bench. We
believe that our plan for the upper bench complies with the Coastal Act and
remain hopeful that the Coastal Commission will approve our permit application
at its October hearing."

The Company is a residential land development and homebuilding company
operating in southern California. The Company's principal subsidiaries are
Signal Landmark and Hearthside Homes, Inc. Signal Landmark owns 208 acres on
the Bolsa Chica Mesa, which overlooks the Pacific Ocean and the Bolsa Chica
wetlands in Orange County, California. Hearthside Homes, Inc. has delivered
over 1,600 homes to families throughout southern California over the last nine

Prohibition Against Becoming a 5% Stockholder and No Further Acquisitions by
Current 5% or Greater Stockholders

Unless the Company has previously consented in writing (i) no stockholder
holding less than 5% of the outstanding shares of Common Stock may acquire
additional shares of Common Stock in an amount that would take such holder to
5% or more; and (ii) no current 5% or greater stockholder may acquire any
additional shares. The foregoing prohibition is contained in the Company's
charter documents, in order to preserve the tax benefits of the Company's
$176 million of net operating loss carryovers ("NOLs"). All acquisitions of
the Company's Common Stock in violation of its charter prohibitions are null
and void, and the Company is empowered to effectively rescind such
acquisitions. The Company will not entertain requests for permission to
exceed the limitations on stock acquisitions in the foreseeable future,
because the Company's board of directors has determined that such acquisitions
could jeopardize the Company's ability to preserve and use its NOLs.

Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995
Certain of the foregoing information contains forward-looking statements
that relate to future events or the Company's future financial performance.
These statements involve known and unknown risks, uncertainties and other
factors which may cause the Company's actual results, performance or
achievements to be materially different from any future results, performances
or achievements expressed or implied by the forward-looking statements. In
some cases, you can identify forward-looking statements by terminology such as
"may," "will," "should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," "continue," or the negative of such
terms or other comparable terminology. These forward-looking statements
include, but are not limited to statements about the Company's plans,
objectives, goals, expectations and intentions, the timing and outcomes of
real estate development, the timing and outcomes of regulatory approval
processes or administrative proceedings, and other statements contained herein
that are not historical facts.

Forward-looking statements are based on current expectations or beliefs
regarding future events or circumstances, and you should not place undue
reliance on these statements. Such statements involve known and unknown
risks, uncertainties, assumptions and other factors -- many of which are out
of the Company's control and difficult to forecast -- that may cause actual
results to differ materially from those that may be described or implied.
Such factors include but are not limited to: local and general economic and
market conditions; the impact on economic conditions of terrorist attacks or
the outbreak or escalation of armed conflict involving the United States; the
demand for residential real estate; governmental regulation, including the
impact of "slow growth" or similar initiatives; delays in the land entitlement
process, development and construction; environmental matters; future business
decisions and the Company's ability to successfully implement its operational,
growth and other strategies; litigation; and other risks discussed in the
Company's past and future filings with the Securities and Exchange Commission.
The Company assumes no, and hereby disclaims any, obligation to update any
of the foregoing or any other forward-looking statements. The Company
nonetheless reserves the right to make such updates from time to time by press
release, periodic report or other method of public disclosure without the need
for specific reference to this press release. No such update shall be deemed
to indicate that other statements not addressed by such update remain correct
or create an obligation to provide any other updates.

SOURCE California Coastal Communities, Inc.