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Home Solutions of America Signs Definitive Agreement to Acquire
RAM Home Warranty
Acquisition Expected To Be Immediately Additive to Earnings as Company
Increases Service Offering Diversification
DALLAS, July 13 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc.
(AMEX:HOM), a niche provider of specialty residential services, announced today
it has signed a definitive agreement to acquire RAM Home Warranty, a
40-year-old home warranty business headquartered in California. The definitive
agreement is subject to regulatory approvals and other closing conditions. The
acquisition, upon closing, is expected to be immediately additive to Home
Solutions' earnings.
"Our acquisition of RAM took another step toward completion with the signing of
this definitive agreement," said Frank Fradella, Chairman and CEO of Home
Solutions. "RAM's home warranty business will blend well with our existing
California operations. Furthermore, we hope to expand operations geographically
into both Texas and Florida, once regulatory obstacles have been studied, and
to expand our service offering into the home so the homeowner can have
"one-stop shopping" for a variety of services. John Mazurkiewitz, President
and founder of RAM Home Warranty, will continue to lead the day-to-day
operations of RAM after the closing of this acquisition. We expect to close
this acquisition by September 30, 2004."
Mr. Mazurkiewitz noted, "We are poised to become a Home Solutions team member
in the very near future. Our industry is exploding as the home warranty product
is becoming a more accepted and integral part of the residential real estate
transaction. We believe the synergies between Home Solutions and RAM Home
Warranty are compelling. RAM can significantly impact the organic growth rate
of Home Solutions through the implementation of our successful business model
into the Company's existing operations. In addition, we have identified other
"add-on" businesses that complement the current service portfolio of the
Company. We look forward to completing this transaction."
Home Solutions is a niche provider of specialty residential services including
Restoration Services and Specialty Interior Services. The Company has
operations in the California, Texas and Florida markets and is rapidly growing
its core business through organic growth as well as through an acquisition
strategy. For more information on Home Solutions, please see our 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.
CONTACT: Cormac Glynn, CEOcast, Inc.
PHONE: 212-732-4300
DATASOURCE: Home Solutions of America, Inc.
CONTACT: Cormac Glynn of CEOcast, +1-212-732-4300, for Home Solutions of
America
Web site: http://www.hsoacorp.com/