Technical Olympic, the leading Greek construction and home building group, announces that its listed American subsidiary Newmark Homes Corp. (Nasdaq: NHCH) announced today that it has completed its previously announced sale of Westbrooke Acquisition Corp. to Standard Pacific Corp. Westbrooke Acquisition Corp. and its subsidiaries build houses in South Florida under the name of ?Westbrooke Homes?.

Newmark Homes Corp. had entered into a definitive agreement to sell Westbrooke Acquisition Corp. to Standard Pacific Corp. for approximately $41,000,000 in cash.

The Group believes that the consummation of the sale of Westbrooke will allow Newmark the opportunity to reinvest and focus its capital resources into its core markets. The Company further believes the sale of Westbrooke will allow Newmark to explore growth opportunities in other aggressive and emerging US markets.

About Technical Olympic

Technical Olympic is the leading construction and home building group in Greece. Constantine Stengos who is currently Chairman and Managing Director of the company established the Group's parent company in 1965.

Technical Olympic's (TO) shares are listed on the Athens Stock Exchange (Reuters: OLYr.AT), (Bloomberg: OLYMP GA). TO's subsidiary in the USA, Newmark Homes's shares are listed on NASDAQ: NHCH.

The company's headquarters are in Athens. Apart from being a holding company, Technical Olympic is one of the top general contracting companies in Greece operating in the areas of construction, engineering and project management of all types of public and private technical works. It holds the highest contracting certificate, class 7th , via its subsidiary Mochlos.

In 1994 it was listed on the Athens Stock Exchange through an Initial Public Offering, where its shares are being traded, while they are included in the stock exchange indexes Morgan Stanley (MSCI), the General Index of the ASE, the FTSE/MID 40 index, the Margin Account · Short Selling Index and the Construction Companies Index.

At the same time, it is actively engaged in many construction-related sectors of business interest through its subsidiary companies, as much domestically as internationally. The company is developing its international activity in the UK, in the Balkans, but also in the US market through the acquisition of 80% of the company Newmark Homes and 100% of Engle Homes.

TO's subsidiary in the USA, Newmark Homes shares are listed on NASDAQ: NHCH and Engle Homes, Inc. common stock was quoted on the Nasdaq National Market under the symbol ?ENGL?.

Newmark Homes Corp. designs, builds and sells single-family homes, town homes and patio homes in 7 major markets in Texas, Florida (pending the sale of its Westbrooke operations), and Tennessee. At December 31, 2001, Newmark operated in 67 communities and had 725 homes under construction. Newmark's home-building operation offers a broader selection of homes with more amenities and greater design flexibility than are typically offered by high-volume production builders.

Further information may be found on Technical Olympic 's website at http://www.techol.gr and on Newmark Homes Corp.'s website at http://www.newmarkhomes.com

For further information, contact:

Nick Demos

Investor Relations Officer

Technical Olympic

Tel.: +301 0996 9700 Email: nick.demos@techol.gr

Forward looking Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of known and unknown risks and uncertainties including, but not limited to: increases in interests rates; business conditions; growth inthe home-building industry; investment real estate; the economy in general; competitive factors; the cost of building materials; and the risk factors detailed in Newmark's Registration Statement on Form S-1 (SEC File No. 333-4221), and all other factors set forth in Newmark's most recent Form 10-K and Form 10-Q.