The management of TECHNICAL OLYMPIC Group of Companies informs the investors that its subsidiary Technical Olympic USA Inc. (?TOUSA?), and the bank CITICORP NORTH AMERICA Inc. amended the Debtor in Possession-DIP that has been signed on 29/1/2008. Among others: a) the Interim Termination Date is extended until April 30, 2008 or, with the consent of the parts not later than May 30, 2008 and b) the "Base Rate" of interest is modified, with a minimum of 5.75% per annum. The foregoing amendment became effective on March 21, 2008 without further order of the Bankruptcy Court, according to the primary approval of that Court.
Moreover, TOUSA announced that it filed its unaudited combined monthly operating report for the period January 29, 2008 to February 29, 2008 (the "Monthly Operating Report") with the Bankruptcy Court. The Monthly Operating Report is limited in scope, has been prepared solely for the purpose of complying with reporting requirements of the Bankruptcy Court, is unaudited and probably does not contain figures in accordance with accounting principles generally accepted in the United States of America ("GAAP") and as a result, information included in that Report should not be viewed as indicative of future results of the company.
More information is available at the website of the US Securities and Exchange Commission, www.sec.gov, at the website of the subsidiary company, www.tousa.com, as well as at the website www.tousadocket.com.