Home Solutions of America Signs Letter of Intent to Acquire Florida Specialty Interior Services Company
November 13 2003 - 11:40AM
PR Newswire (US)
Home Solutions of America Signs Letter of Intent to Acquire Florida
Specialty Interior Services Company HOUSTON, Nov. 13
/PRNewswire-FirstCall/ -- Home Solutions of America, Inc. , a niche
provider of specialty residential services, today announced that it
has signed a letter of intent to acquire a Florida-based specialty
interior services company with revenues of $14 million annually.
The company has a twelve-year history of profitable growth in the
specialty interior installation services industry with over $2.5
million in cash flow. The purchase price values the transaction at
approximately $9.5 million. Home Solutions expects to close the
transaction before the end of the year. Frank Fradella, Chairman
and CEO of Home Solutions, stated, "This letter of intent
establishes our first regional platform in Florida as part of our
previously announced regional platform strategy. With existing
platforms in California and Texas, Home Solutions is now positioned
for growth in three major markets in the US. The Florida target
company is experiencing greater than 20% top-line growth fueled by
Florida's very positive demographic trends." Fradella also said,
"Providing specialty installation services to over 600 high-end
homeowners per year, this company will allow Home Solutions to
offer its complementary cleaning and fabric protection services to
an entirely new homeowner base in a new geographic area.
Furthermore, we at Home Solutions believe the services that the
target offers will be an excellent fit for our existing Restoration
and Residential Renovation Sales business segments. Overall, the
target business is growing quickly and is highly profitable, and we
believe we can increase their growth rate and profitability even
more." Home Solutions is a niche provider of specialty residential
services including Restoration Services, Cleaning and Fabric
Protection Services and Residential Renovation Sales. Home
Solutions closed its first acquisition, PW Stephens, in November of
2002 and has subsequently closed two additional acquisitions as
part of this strategy. 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: Porter Le Vay & Rose Inc. Cheryl
Schneider, VP/Investor Relations Christian Pflaumer, VP/Media
Relations Jeff Myhre, VP/Editorial PHONE: 212-564-4700 DATASOURCE:
Home Solutions of America, Inc. CONTACT: Cheryl Schneider,
VP-Investor Relations, or Christian Pflaumer, VP-Media Relations,
or Jeff Myhre, VP-Editorial, all of Porter Le Vay & Rose Inc.,
+1-212-564-4700, for Home Solutions Of America, Inc. Web site:
http://www.hsoacorp.com/
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