Home Solutions of America Signs Definitive Agreement to Acquire RAM Home Warranty
July 13 2004 - 9:01AM
PR Newswire (US)
Home Solutions of America Signs Definitive Agreement to Acquire RAM
Home Warranty Acquisition Expected To Be Immediately Additive to
Earnings as Company Increases Service Offering Diversification
DALLAS, July 13 /PRNewswire-FirstCall/ -- Home Solutions of
America, Inc. (AMEX:HOM), a niche provider of specialty residential
services, announced today it has signed a definitive agreement to
acquire RAM Home Warranty, a 40-year-old home warranty business
headquartered in California. The definitive agreement is subject to
regulatory approvals and other closing conditions. The acquisition,
upon closing, is expected to be immediately additive to Home
Solutions' earnings. "Our acquisition of RAM took another step
toward completion with the signing of this definitive agreement,"
said Frank Fradella, Chairman and CEO of Home Solutions. "RAM's
home warranty business will blend well with our existing California
operations. Furthermore, we hope to expand operations
geographically into both Texas and Florida, once regulatory
obstacles have been studied, and to expand our service offering
into the home so the homeowner can have "one-stop shopping" for a
variety of services. John Mazurkiewitz, President and founder of
RAM Home Warranty, will continue to lead the day-to-day operations
of RAM after the closing of this acquisition. We expect to close
this acquisition by September 30, 2004." Mr. Mazurkiewitz noted,
"We are poised to become a Home Solutions team member in the very
near future. Our industry is exploding as the home warranty product
is becoming a more accepted and integral part of the residential
real estate transaction. We believe the synergies between Home
Solutions and RAM Home Warranty are compelling. RAM can
significantly impact the organic growth rate of Home Solutions
through the implementation of our successful business model into
the Company's existing operations. In addition, we have identified
other "add-on" businesses that complement the current service
portfolio of the Company. We look forward to completing this
transaction." 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 organic growth as well as through 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. CONTACT: Cormac
Glynn, CEOcast, Inc. PHONE: 212-732-4300 DATASOURCE: Home Solutions
of America, Inc. CONTACT: Cormac Glynn of CEOcast, +1-212-732-4300,
for Home Solutions of America Web site: http://www.hsoacorp.com/
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