TECHNICAL OLYMPIC (ASE: OLYr.AT) the leading Greek construction and home building group, announces that its listed American subsidiary TECHNICAL OLYMPIC USA, INC. (TOUSA) (NASDAQ: TOUS), today announced it has expanded its position in the Front Range of the Rockies through the acquisition of the assets of the James Company for approximately $30 million in cash. The acquisition is part of TOUSA's strategy to expand within its existing markets and selectively enter new markets.

The James Company acquisition immediately provides TOUSA with control over 4,600 lots. The agreement also provides for first rights to acquire all future residential land acquired by the former owner of the company over the next two years.

The James Company has operated in the greater Denver market for over three decades. The company specializes in attached housing products as well as traditional single-family homes and patio homes targeted toward the active adult homebuyer. The James Company closed approximately 310 homes during the past twelve months at an average selling price of approximately $198,000.

Antonio B. ("Tony") Mon, TOUSA's Chief Executive Officer, stated, ?We are privileged to welcome the men and women of the James Company as part of the TOUSA team. Their reputation in the market is excellent. This transaction positions us for the future as we expand existing operations in the exciting market of the Colorado Front Range."

"All of us at the James Company are pleased to become members of the TOUSA family. We look forward to being part of a national organization which maintains a strong local orientation," said Jim Postle, President and founder of the James Company. Mr. Postle will remain as a consultant to the company during a two-year transition period.