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HOM LifeGoal Home Down Payment Investment ETF

8.635
0.00 (0.00%)
After Hours
Last Updated: 01:00:00
Delayed by 15 minutes
Name Symbol Market Type
LifeGoal Home Down Payment Investment ETF AMEX:HOM AMEX Exchange Traded Fund
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 8.635 0 01:00:00

American Renaissance Homes Selects Home Solutions of America as Exclusive Provider of Delivery and Installation Services for Mo

23/05/2006 2:50pm

Business Wire


LifeGoal Home Down Payme... (AMEX:HOM)
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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.

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