Home Solutions of America Awarded Contract Valued at Up to $20 Million To Provide Infrastructure Support for Hurricane Katrina
May 01 2006 - 9:17AM
Business Wire
Home Solutions of America, Inc. (Amex: HOM; the "Company" or "Home
Solutions"), a provider of recovery, restoration and
rebuilding/remodeling services, announced today that its
subsidiary, Home Solutions Restoration of Louisiana Inc. (HSRLA),
has been awarded a contract worth up to $20 million, to provide
infrastructure support for a Fortune 1000 construction and
engineering company. The Time and Materials agreement will require
HSRLA to provide up to 200 ground labor personnel with various
disciplines to assist the Fortune 1000 company with the on-going
rebuilding efforts associated with Hurricane Katrina in and around
the New Orleans area. Home Solutions will serve as a subcontractor.
Work under the agreement has commenced. "The next wave of the
aftermath of Hurricanes Katrina and Rita are finally seeing the
funding necessary to rebuild these communities," said Frank J.
Fradella, Chairman and CEO of Home Solutions. "We believe many of
the Company's subsidiaries will be a part of this rebuilding
process as opportunities become even more prevalent in the second
half of 2006 and beyond. We are pleased that this industry leader
has selected us to participate in this portion of the rebuilding
process." Home Solutions is a provider of recovery, restoration and
rebuilding/remodeling services to commercial and residential areas
that are (i) prone to flooding, hurricanes, tornados, fires or
other naturally occurring and repetitive weather related
emergencies; and/or (ii) experiencing robust housing development.
The Company has operations in California, Texas, Florida, Alabama,
Georgia, Louisiana, Mississippi and South Carolina through its five
subsidiaries, Cornerstone Building and Remodeling, Southern
Exposure, P.W. Stephens, Home Solutions Restoration of Louisiana
and Fiber Seal Systems. Cornerstone is a leading supplier and
installer of granite materials for kitchens and baths to national
home centers, as well as national builders and remodeling
companies, in the southeastern United States. Southern Exposure and
related companies is a manufacturer and installer of cabinet and
countertop services in the Florida marketplace. P.W. Stephens
provides mold and asbestos remediation services, and fire and water
restoration services in California, Florida and Louisiana. Home
Solutions Restoration of Louisiana provides Recovery Restoration
Services in Florida, Louisiana, Mississippi and Texas and Fiber
Seal Systems is a national licensor of cleaning and fabric
protection businesses. For more information on Home Solutions,
please see the Company's 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.
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