As it has been previously announced by the Group's management, our US subsidiary TOUSA Inc filed voluntary petitions in the United States Bankruptcy Court on 29/1/2008 seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code). Due to the complexity of the statutory procedures of the USA Bankruptcy Code, the engagement of several consultants and legal authorities and necessary data for publication, the Financial Services of TOUSA is not able to prepare the financial statements for the period 1/1 - 31/12/2007 until April 1st 2008, as it has already been announced via the press release dated 19/3/2008.
The management of Technical Olympic Group of Companies informs the investment community that as a result of TOUSA's inability mentioned above, our company estimates that it will be able to announce its consolidated financial results for the period 1/1 - 31/12/2007 on April 30, 2008 instead of March 31, 2008 as it had previously announced, unless it receives the financial statements from TOUSA at an earlier date.