/C O R R E C T I O N -- Comstock Homebuilding Companies, Inc./ In the news release, Comstock Homebuilding (Nasdaq: CHCI) Announces Pricing of Initial Public Offering, issued yesterday, Dec. 14, by Comstock Homebuilding Companies, Inc. over PR Newswire, we are advised by a representative of the company that the date in the fourth paragraph should read "December 13, 2004" rather than "August 13, 2004." Also, the website in the sixth paragraph should be "http://www.comstockhomebuilders.com" rather than "http://www.comstockhomes.com" as originally issued inadvertently. Complete, corrected release follows: RESTON, Va., Dec. 14 /PRNewswire-FirstCall/ -- Comstock Homebuilding Companies, Inc. (NASDAQ:CHCI) announced today that the initial public offering of 3,960,000 shares of its Class A Common Stock has been priced at $16.00 per share, for gross proceeds of approximately $63,360,000.00. In addition, Comstock has granted the underwriters an option to purchase up to an additional 594,000 shares to cover over-allotments, if any. Beginning today, the shares are quoted on the NASDAQ National Market under the symbol "CHCI." BB&T Capital Markets is acting as lead manager for the offering and the co-managers are Robert W. Baird & Co. and Ferris Baker Watts, Incorporated. The Company intends to use the net proceeds from the offering for working capital, general corporate purposes, the purchase of minority interests in the Company, the repayment of certain indebtedness, and possible strategic acquisitions. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on December 13, 2004. Copies of the final prospectus related to the offering may be obtained, when available, from BB&T Capital Markets, Prospectus Department, 909 East Main Street, Richmond, VA. 23219, telephone number 1.800.552.7757. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Comstock Homebuilding Companies Comstock is a production home builder that develops, builds, and markets single-family homes, townhouses, and condominiums. The Company currently operates in the Washington, D.C. and Raleigh, North Carolina markets where it targets a diverse range of buyers, including first-time, early move-up, secondary move-up, empty nester move-down and active adult home buyers. Since its founding in 1985, Comstock has built and delivered over 2,500 homes valued at over $500 million. For more information on Comstock, please visit http://www.comstockhomebuilders.com/. This press release contains forward-looking statements that reflect management's current views of future events and operations. These forward- looking statements are based on assumptions, external factors and other risks that are detailed in the prospectus relating to this offering. Actual results could differ materially from these forward-looking statements. DATASOURCE: Comstock Homebuilding Companies, Inc. CONTACT: Al Black of Qorvis Communications, +1-703-744-7833, or , for Comstock Homebuilding Companies, Inc. Web site: http://www.comstockhomebuilders.com/

Copyright