SOURCE: Comstock Homebuilding Companies, Inc.

December 18, 2006 17:23 ET

Comstock Receives Further Extension to Stand-Still Letter From Bank of America

RESTON, VA -- (MARKET WIRE) -- December 18, 2006 -- Comstock Homebuilding Companies Inc. (NASDAQ: CHCI) (the "Company") announced today that it had received a further extension of the 'stand-still' agreement with Bank of America (the "Lender") until December 22, 2006 to afford the parties additional time to document modifications to the Company's overall borrowings with the Lender.

About Comstock Homebuilding Companies, Inc.

Comstock is a production homebuilder that develops, builds, and markets single-family homes, townhouses, mid-rise condominiums, high-rise condominiums, mixed-use developments and condominium conversions. The Company currently markets its products under the Comstock brand in the Washington, D.C., Raleigh, North Carolina, Atlanta, Georgia and parts of the Carolinas. The company targets a diverse range of buyers of moderately priced homes. For more information on Comstock, please visit

This press release includes "forward-looking statements" within the meaning of the federal securities laws, which involve uncertainties and risks. These include statements regarding events or developments that the Company expects or anticipates will occur in the future, such as statements about the Company's strategies to improve operating performance. Please refer to the Company's prospectus and its other filings with the Securities and Exchange Commission for a complete discussion of these and other important factors that could cause results to differ materially from those projected by these forward-looking statements.

Contact Information