Home Solutions of America Appoints Rick O'Brien as Its Chief Financial Officer
December 08 2003 - 10:56AM
PR Newswire (US)
Home Solutions of America Appoints Rick O'Brien as Its Chief
Financial Officer HOUSTON, Dec. 8 /PRNewswire-FirstCall/ -- Home
Solutions of America, Inc. , a niche provider of specialty
residential services, announced today that it had appointed Rick J.
O'Brien as its new Chief Financial Officer. The appointment was
effective immediately. Mr. O'Brien was previously President of
Fiber Seal Systems, which Home Solutions acquired in July of this
year. Fiber Seal provides premium fabric protection and cleaning
services to customers in Texas and is a franchisor/licensee of over
forty Fiber Seal locations across the United States. While building
the thirty-year old company, he oversaw mergers and acquisitions,
financial planning and management and operations. He also formed
relationships with leading financial institutions. "I am excited to
join the management team of Home Solutions as we grow our business
nationally," said Mr. O'Brien. "I believe the opportunity to
consolidate the specialty residential services sector is
substantial, which is why I not only agreed to sell Fiber Seal to
Home Solutions but also to directly invest $600,000 in the company
through the purchase of its stock. The company's first-mover
advantage and access to the public markets gives us a significant
advantage in accelerating our growth." "I am pleased that Rick has
joined Home Solutions, especially at such a critical juncture,"
said Frank Fradella, Chairman and CEO of Home Solutions. "We
recently announced the most significant acquisition in the
company's history, and Rick's financial expertise and experience
with acquisitions will help us integrate the transaction
seamlessly. We look forward to his help in spearheading the next
phase of our growth." Prior to joining Home Solutions, Mr. O'Brien
was President and Owner of Amherst-Merritt International for six
years. The company, in addition to owning Fiber Seal, also was a
computer accessory manufacturer and an office products distributor.
Previously, he was Project Manager, Corporate Development at Texas
Instruments, where he managed several acquisitions and divestitures
during his four-year employment. He was also Assistant Vice
President, Corporate Banking for Bank of America for three years.
He received his MBA from Rice University and was awarded a Bachelor
of Arts degree from Vanderbilt University. 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 in July 2003 as part of this
strategy. In addition, Home Solutions currently has two letters of
intent outstanding. 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.hsoacorp.com/
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