Crosland Announces Combination of Lillian Floyd Homes with Turnberry Homes

Charlotte, N.C. (April 1, 2002) – Crosland announces it is combining the efforts of its homebuilding affiliate, Lillian Floyd Homes, LLC with Turnberry Homes, LLC of Nashville, Tenn., which Crosland co-founded in 1997. The transaction becomes effective today.

Current Turnberry president Richard J. Bell will assume executive oversight of the homebuilding business, which will continue to operate as Lillian Floyd Homes in the Charlotte area. Crosland will maintain a significant financial ownership in Lillian Floyd Homes.

According to Crosland CEO Todd Mansfield, “We are excited to have the opportunity to combine our homebuilding operations. Lillian Floyd Homes and Turnberry Homes have similar product offerings and share the same business philosophies and goals. This combination will enable us to leverage the talents of both organizations, enrich our product offerings and better serve our customers.”

Martin Kerr, who previously headed Lillian Floyd Homes, is leaving to form his own enterprise.

Turnberry Homes, based in Brentwood, Tenn. in the greater Nashville area, was founded in 1997. A premier builder of upscale homes, Turnberry has secured a strong reputation for quality construction and customer satisfaction. For more information, visit the company’s Web site at www.turnberryhomes.com.