The management of TECHNICAL OLYMPIC S.A. annnounced today that its US subsidiary company TECHNICAL OLYMPIC USA INC. (TOUSA), which is listed on the New York Stock Exchange (NYSE), acquired -via a joint venture-the assets and business activities (construction of houses) of the company "Transeastern Properties Inc.", which is based in Coral Springs, Florida. Currently, the said joint venture owns almost 22,000 homesites in all the key markets of Florida.

Furthermore, through this acquisition, TOUSA INC is strengthening its presence in the existing markets of Florida, and particularly, from the expansion of its activities in the area of Tampa/St.Petersburg. Also, it is expected that the said acquisition will add to TOUSA's 2006 financial results net revenues of almost $35 million.

The price the aforesaid joint venture paid for buying off the assets related to the construction of houses of Transeastern Properties Inc. amounted to $840 million, a price which is subject to final approval.

Finally, TOUSA estimates that its investment in the said joint venture will generate net profits of $35 million approximately during 2006.

TOUSA's financial advisor was Deutsche Bank, while for Transeastern Properties Inc. the company JMP Securities.