The company Technical Olympic S.A. informs the investment community that it has filed an application before the American tax authorities for a tax refund due to the goodwill from the sale of shares amounting $ 9,665,912. The above refund is the result of the sale of block of shares of the Group's former subsidiary Technical Olympic USA Inc. (TOUSA Inc) that has been approved by the Bankruptcy Court of South Florida.
Following the completion of the sale of Technical Olympic S.A.'s above participation in the Group former subsidiary Technical Olympic USA Inc. share capital, Technical Olympic S.A.'s stake formed at 56.20% versus 66.94% stake prior to the transaction.
Please note that the aforementioned sale has no impact on Technical Olympic S.A.'s balance sheet, since the company as of 02.01.2008 has fully impaired its participation in the former subsidiary TOUSA Inc. while on a consolidated basis this company is not consolidated any more. (see note 9.4 of the FY 2007 consolidated financial statements).