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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.