EVSP Environmental Service Professionals Inc (CE)

PALM SPRINGS, Calif., Sept. 10 /PRNewswire/ -- Environmental Service Professionals, Inc. ("ESP") (Pink Sheets: EVSP), an innovator in environmental home inspections, today provided an update regarding the proceeds of a pending loan to fund the launch of the Company's Health Home Mortgage program designed to create 60,000 jobs for veterans and disabled veterans and provide affordable environmentally safe and efficient homes for American families.  

As stated in an 8K filed on July 30, 2010 and updated on August 19, 2010, the loan is expected to be secured with a Letter of Credit in the face amount of $200 million USD issued by Metropolitan Financial Holdings through an international bank having a commercial rating of BBB+ or better.  The Letter of Credit is pledged to secure a total loan amount expected to be $188.5 million from a private equity lender and net loan proceeds expected to be approximately $151.3 million, after prepayment of all interest and payment of Letter of Credit and Loan origination fees.  The private equity lender, together with ESP management is seeking multiple and secure partnerships to ensure that the funds raised to repay the loan do not create any equity dilution, while also providing additional working and acquisition capital to enable the company to grow over the next 24 months.

ESP's Chairman and CEO, Edward L. Torres, stated, "We are determined to ensure that the final terms involve the most promising partnerships and opportunities that fully benefit our company's future and ensure that the pending loan can be repaid efficiently and promptly while avoiding shareholder dilution."

About Environmental Service Professionals, Inc.

ESP (EVSP.PK) offers various inspection services that include energy/efficiency audits addressing mold and moisture intrusion that can have an acute and chronic negative impact on the indoor air quality of commercial and residential buildings. The first company in the moisture inspection industry vertical to become a publicly traded company, ESP has embarked on a strategy to acquire businesses dealing with environmental issues and resolving environmentally sensitive problems.  It has completed four acquisitions and is in various stages of discussion with additional companies that management believes are a good philosophical, operational and economic fit with ESP. For additional information, please visit: www.evsp.com

ESP, through its various wholly owned subsidiaries, has developed a standardized training, certification, inspection, and results reporting analysis program, which forms the foundation for the Company's "suite of services."  These services taken together comprise the Certified Environmental Home Inspector™ ("CEHI") program.  This program is available to active duty U.S. military and veterans and will meet all required Veterans Affairs requirements. Our Safeguard business unit will provide the EcoCheck Inspection™ as part of the pro-active comprehensive subscription based annual maintenance process called the Healthy Living Maintenance Program™ ("HLMP"), part of ESP's Healthy Home Mortgage Program™ (HHMP).  Every 12 months a new EcoCheck Inspection™ is conducted. The HLMP is an all inclusive multi-disciplined inspection process focused on adding value to a property by reducing liabilities and mitigating risks for the insurance, mortgage banking, building, real estate, and property management industries by reducing claims, instilling confidence in property safety and efficiency while promoting a positive green image to both residential and commercial clients.

Visit http://www.evsp.com for complete information on the ESP family of services offered and investment information.

Forward-Looking Statements This document contains forward-looking statements that are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected. These risks, assumptions and uncertainties include: the ability of the Company to raise capital, the ability to compete effectively in a rapidly evolving and price-competitive marketplace, changes in the environmental sector and changes in business strategy, as well as other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. See www.SEC.gov for additional information about the company.

SOURCE Environmental Service Professionals, Inc.