Home Solutions to Begin Restoration Work in Florida
September 13 2004 - 10:22AM
PR Newswire (US)
Home Solutions to Begin Restoration Work in Florida Company Expects
Additional Revenue of $3-$5 Million Over 12 Month Period as a
Result of New Work From Recent Hurricane Activity DALLAS, Sept. 13
/PRNewswire-FirstCall/ -- Home Solutions of America, Inc.
(AMEX:HOM), a niche provider of specialty residential services,
announced today that it has commenced restoration services in
Florida in response to the recent hurricanes. The company will
employ the restoration expertise from its P.W. Stephens subsidiary
in California to perform hurricane disaster repairs in Florida as
part of the services that its Florida-based subsidiary Southern
Exposure will provide. The Company anticipates additional revenue
of $3-$5 million from these activities will be realized by the end
of the second quarter of 2005. These revenues are not in its
current guidance. To facilitate the opportunity, the company
announced that it will enter into a strategic alliance with
Summers-Perini, a licensed general contractor in Florida, Georgia,
North Carolina and South Carolina. The firm will act as
construction manager while Home Solutions will perform the majority
of the repair work associated with the storm's damage. The company
intends to maintain a fire and water restoration business in South
Florida. "Unfortunately, the devastation associated with both of
these tremendous storms has created an overwhelming need for our
services," said Frank Fradella, Home Solutions' Chairman and CEO.
"We are scaling our operations in the area as rapidly as possible,
to be able to meet the unprecedented demand. We decided to
collaborate with Summers-Perini because of its operating knowledge
of the disaster stricken areas as well as its knowledge of
construction management. Our ability to quickly and seamlessly
integrate the services of P.W. Stephens into our Southern Exposure
subsidiary provides a powerful example of the synergies that our
acquisition strategy provides." Home Solutions is a niche provider
of specialty residential services including Restoration Services
and Specialty Interior Services. The Company has operations in the
California, Texas and Florida markets and is rapidly growing its
core business through both an internal and an acquisition strategy.
For more information on Home Solutions, please see our website at
http://www.homcorp.com/ . Statements included in this update that
are not historical in nature are intended to be, and are hereby
identified as, "forward-looking statements" for purposes of the
safe harbor provided by Section 21E of the Securities Exchange Act
of 1934, as amended by Public Law 104-67. Forward-looking
statements may be identified by words including "anticipate,"
"believe," "intends," "estimates," "expect," and similar
expressions. The Company cautions readers that forward-looking
statements including, without limitation, those relating to the
Company's future business prospects are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those indicated in the forward-looking statements,
due to factors such as those relating to economic, governmental,
technological, and other risks and factors identified from time to
time in the Company's reports filed with the SEC. HOME SOLUTIONS OF
AMERICA, INC. CONTACT: Cormac Glynn, CEOcast, Inc. PHONE:
212-732-4300 DATASOURCE: Home Solutions of America, Inc. CONTACT:
Cormac Glynn of CEOcast, Inc., +1-212-732-4300, for Home Solutions
of America, Inc. Web site: http://www.homcorp.com/
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