Technology Connections Merger Partner HouseRaising, Inc. Receives Endorsement from Senator John Edwards in Support of Discretion
March 24 2004 - 7:05AM
PR Newswire (US)
Technology Connections Merger Partner HouseRaising, Inc. Receives
Endorsement from Senator John Edwards in Support of Discretionary
Grant CHARLOTTE, N.C., March 24 /PRNewswire-FirstCall/ --
Technology Connections, Inc. (BULLETIN BOARD: TLGY) (previously
TGYC) announced that its merger partner (HouseRaising, Inc) has
received a major endorsement from North Carolina United States
Senator John Edwards in support of a discretionary grant through
the Department of Housing and Urban Development. "I wholeheartedly
support their (HouseRaising) proposal and would appreciate your
giving it careful consideration. HouseRaising has developed a
comprehensive classroom and on-the-job training program for
displaced workers. The program prepares these North Carolinians for
rewarding careers as homebuilders and subcontractors. Participants
will receive scholarships for the classroom portion of the
curriculum and additional income while working with contractors
during the on-the-job training component. Furthermore they will
develop business management skills that will enable them to start
their own homebuilding businesses," Senator Edwards wrote in his
endorsement. Robert V. McLemore, the CEO of HouseRaising, states:
The Homebuilding industry is enjoying record sales and has done so
for close to a decade. Low interest rates coupled with population
growth, forming millions of new households each year has fueled
record profits for the nation's largest builders. HouseRaising's
research indicates the current level of homebuilding throughout
America is sustainable as long as interest rates stay between 6 -
7%. Most economists support the theory that the current 5% rates
will likely rise a percentage point during 2004. Many analysts
estimate that, as short-term rates rise with the pick up in the
GDP, long-term rates, used to set mortgage rates, may remain level
or even dip lower. Whatever the outcome, we believe homebuilding in
general should remain brisk through 2010. Additionally, the
design/build segment of the homebuilding industry is less dependent
on interest rates than other sectors. As previously reported, on
February 19, 2004, TLGY, the privately owned HouseRaising, Inc. and
HouseRaising's stockholders entered into an Agreement and Plan
ofMerger pursuant to which HouseRaising will merge with and into
TLGY. In addition, TLGY has agreed to change its corporate name
from "Technology Connections, Inc." to "HouseRaising, Inc." prior
to the closing. The closing will occur on the second day after the
satisfaction or waiver of all conditions precedent to the
obligations of the parties to consummate the transactions
contemplated by the merger agreement. Statements in this press
release regarding the expansion of the Company's operations are
forward-looking statements. Words such as "expects," "intends,"
"anticipates," and "likely" also identify forward-looking
statements. Actual results may differ from such forward-looking
statements as a result of a number of factors. DATASOURCE:
Technology Connections, Inc. CONTACT: Andre Nazarian, Director of
Investor Relations of Technology Connections, Inc., +1-212-725-4805
Web site: http://www.houseraising.com/
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