HOLLYWOOD, Fla., March 31, 2006 (PRIMEZONE) -- Technical Olympic USA, Inc. (NYSE:TOA) announced today that David J. Keller, Senior Vice President, Chief Financial Officer and Treasurer, is resigning his current position effective May 31, 2006. The Company and Mr. Keller have entered into a one-year consulting agreement, beginning June 1, 2006, under which Mr. Keller will provide business and financial advisory services to the Company.
"We understand Dave's decision to pursue other interests, and we thank him for his contributions to TOUSA," said Antonio B. Mon, TOUSA's President and Chief Executive Officer.
TOUSA will announce a successor Chief Financial Officer in the near future.
Technical Olympic USA, Inc. ("TOUSA") is a leading homebuilder in the United States, operating in various metropolitan markets in 10 states located in four major geographic regions: Florida, the Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and markets high-quality detached single-family residences, town homes, and condominiums to a diverse group of homebuyers, such as "first-time" homebuyers, "move-up" homebuyers, homebuyers who are relocating to a new city or state, buyers of second or vacation homes, active-adult homebuyers, and homebuyers with grown children who want a smaller home ("empty-nesters"). It also provides financial services to its homebuyers and to others through its subsidiaries, Preferred Home Mortgage Company and Universal Land Title, Inc. For more information on TOUSA, please visit our website at www.tousa.com.
The Technical Olympic USA, Inc. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1821
This press release may contain forward-looking statements. The Company wishes to caution readers that certain important factors may have affected and could in the future affect the Company's actual results and could cause the Company's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. This press release is qualified in its entirety by cautionary statements and risk factor disclosure contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K for the year ended December 31, 2005, filed with the Commission on March 10, 2006.