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Home Solutions of America Appoints Rick O'Brien as Its Chief Financial Officer
HOUSTON, Dec. 8 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc. , a
niche provider of specialty residential services, announced today that it had
appointed Rick J. O'Brien as its new Chief Financial Officer. The appointment
was effective immediately. Mr. O'Brien was previously President of Fiber Seal
Systems, which Home Solutions acquired in July of this year. Fiber Seal
provides premium fabric protection and cleaning services to customers in Texas
and is a franchisor/licensee of over forty Fiber Seal locations across the
United States. While building the thirty-year old company, he oversaw mergers
and acquisitions, financial planning and management and operations. He also
formed relationships with leading financial institutions.
"I am excited to join the management team of Home Solutions as we grow our
business nationally," said Mr. O'Brien. "I believe the opportunity to
consolidate the specialty residential services sector is substantial, which is
why I not only agreed to sell Fiber Seal to Home Solutions but also to directly
invest $600,000 in the company through the purchase of its stock. The company's
first-mover advantage and access to the public markets gives us a significant
advantage in accelerating our growth."
"I am pleased that Rick has joined Home Solutions, especially at such a critical
juncture," said Frank Fradella, Chairman and CEO of Home Solutions. "We recently
announced the most significant acquisition in the company's history, and Rick's
financial expertise and experience with acquisitions will help us integrate the
transaction seamlessly. We look forward to his help in spearheading the next
phase of our growth."
Prior to joining Home Solutions, Mr. O'Brien was President and Owner of
Amherst-Merritt International for six years. The company, in addition to owning
Fiber Seal, also was a computer accessory manufacturer and an office products
distributor. Previously, he was Project Manager, Corporate Development at Texas
Instruments, where he managed several acquisitions and divestitures during his
four-year employment. He was also Assistant Vice President, Corporate Banking
for Bank of America for three years. He received his MBA from Rice University
and was awarded a Bachelor of Arts degree from Vanderbilt University.
Home Solutions is a niche provider of specialty residential services including
Restoration Services, Cleaning and Fabric Protection Services and Residential
Renovation Sales. Home Solutions closed its first acquisition, PW Stephens, in
November of 2002 and has subsequently closed two additional acquisitions in July
2003 as part of this strategy. In addition, Home Solutions currently has two
letters of intent outstanding.
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.
HOME SOLUTIONS OF AMERICA, INC
CONTACT: Cormac Glynn, CEOCast, Inc.
PHONE: 212-732-4300
DATASOURCE: Home Solutions of America, Inc.
CONTACT: Cormac Glynn of CEOCast, Inc., +1-212-732-4300, for Home
Solutions of America, Inc.
Web site: http://www.hsoacorp.com/