American Renaissance Homes Selects Home Solutions of America as Exclusive Provider of Delivery and Installation Services for Mo
May 23 2006 - 9:50AM
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 by American Renaissance Homes (ARH), a
provider of affordable housing, to be the exclusive provider of
delivery and installation services for modular housing in New
Orleans and surrounding areas. ARH will provide the planning, sales
and secure the modular homes, while HSRLA will provide the labor
and expertise in delivering the modular homes and installing them.
The parties anticipate that St. Bernard Parish, located near the
city of New Orleans, will be the initial market, with 75 homes
initially being installed per month. ARH estimates that St. Bernard
Parish requires up to 17,000 homes to provide shelter for those
affected by Hurricane Katrina. "As a resident of New Orleans, I
have seen up close the devastation caused by Hurricane Katrina and
the resulting displacement of thousands of families," said Frank J.
Fradella, Chairman and CEO of Home Solutions. "I am pleased that
ARH has elected the Company as the exclusive provider of
installation services for the program. We are now seeing signs that
funding is becoming available to rebuild New Orleans. With so much
demand from working class families for affordable permanent
housing, we believe that the model that has been developed for St.
Bernard Parish can quickly be replicated in other parts of the City
and surrounding areas." Currently, many New Orleans area residents
live in 200 square foot trailers provided by FEMA. ARH will provide
homes between 1,200 and 2,300 square feet at a fraction of the cost
of construction in the area, which is currently approaching $150
per square foot. The cost to FEMA to install and maintain a trailer
is estimated to be approximately $75,000. HSRLA has agreed to
provide a small portion of the working capital required to secure
the land and modular homes in return for being the sole provider of
installation and delivery services for the homes. "I am delighted
that American Renaissance Homes will provide affordable housing to
residents of the Parish that have living in temporary housing for
far too long," said Charles Ponstein, St. Bernard Parish
Development Manager and former Parish President. "I believe modular
housing is a far superior alternative to the temporary housing that
too many families have had to reside in because there has not been
a viable alternative available. I am confident that I and other
Parish officials will work closely with ARH, HSRLA, and other
members of the private sector to ensure that St. Bernard Parish and
the surrounding areas will be rebuilt as quickly as possible." "We
are pleased to select Home Solutions of Louisiana to play an
integral role in this important multi-year project," said Steve
Richards, President of ARH. "HSRLA has demonstrated its ability to
respond quickly to the needs of local businesses and municipalities
during the recovery and cleanup activities in the region and in
other areas impacted by the Hurricanes. As a former FEMA official,
I can attest to the key role that private enterprise will play in
the rebuilding of New Orleans. That process is only beginning. We
will work closely with Parish officials and residents displaced by
Hurricanes Katrina and Rita to provide a quick, efficient and
affordable means of permanent housing, which has been desperately
needed for far too long." 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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