TECHNICAL OLYMPIC (ASE: OLYr.AT) the leading Greek construction and home building group, announces that its listed American subsidiary TECHNICAL OLYMPIC USA, INC. (NASDAQ: TOUS), today announced it has entered the Las Vegas market through the acquisition of Trophy Homes, Inc. for approximately $36 million in cash and additional performance-based payments in the future. TOUSA acquired the assets of Trophy Homes and the right to approximately 1,000 future home sites. This acquisition reflects TOUSA's strategy to expand within its existing markets and selectively enter new markets.

Founded in 1990, Trophy Homes is a regional homebuilder operating in the greater Las Vegas metropolitan area. Trophy Homes offers a broad range of homes to its homebuyers and is well respected for its homebuilding activities in the Las Vegas region.

?Trophy's reputation for integrity, and its demonstrated success delivering quality homes to Las Vegas homebuyers over the past 12 years, is well recognized. We are privileged to welcome Trophy President Brent Phillips and the men and women of Trophy Homes into the growing TOUSA family,? said Antonio (Tony) B. Mon, TOUSA's Chief Executive Officer. ?Trophy will maintain its local identity and continue to market under the Trophy Homes banner, and Brent and his talented management team will continue to lead the company.?

?All of us at Trophy are pleased to be joining forces with TOUSA. The Company's sound national growth strategy and substantial resources, together with its local orientation, will enable us to continue to grow and prosper further in the future,? said Brent Phillips, Trophy's President.