Houston, Texas, March 20, 2003 - (PRNewswire) - Home Solutions of America, Inc. (OTC BB: HSLA) today announced that it has appointed R. Andrew White, Home Solutions’ current CFO, as the Company’s President and Chief Executive Officer. Frank Fradella will continue with Home Solutions in his current role as Chairman of the Board of Directors.
Mr. White has been with Home Solutions since its inception and has been instrumental in accomplishing the Company’s shift in strategy into the residential services sector. He has been actively involved in the Company’s first acquisition, as well as having a major role in planning and negotiating the Company’s financial strategies. Mr. White’s business experience is enhanced by the knowledge he brings from companies such as CS First Boston, QSpring, MarketCityUSA and US Industrial Services (a predecessor to Home Solutions), where he held executive management positions. He earned a Bachelor of Arts degree from the University of Virginia and expects to receive a Masters of Business Administration degree from the University of Texas Option II Executive MBA Program this May. Mr. White will continue in his role as CFO until a replacement can be appointed.
Commenting on the announcement, Frank Fradella, Chairman, stated, “The time has come for me to assist the Company in a manner more beneficial to the shareholders, and that is, by assisting Andrew with specific focus on the implementation of our acquisition strategy. Our recent acquisition successes have transformed Home Solutions into a true operating Company, and management must focus on ‘day to day’ operations, maintaining shareholder relations, as well as on meeting or exceeding Home Solutions’ increasingly stringent corporate governance requirements imposed by today’s regulatory environment. I, the other major shareholders, and Board members are confident in Andrew’s abilities and we look forward to championing his efforts.”
Andrew White, CEO and President, stated, “I am excited about the opportunity to make a difference in this organization and am grateful for the confidence that the Board has placed in me and in the Home Solutions team. We have built a solid cornerstone in PW Stephens, our west coast residential services acquisition, and are confident that new additions to Home Solutions will add value to the shareholders. The Company will benefit by Frank’s focus on locating and closing acquisitions, protecting our shareholders’ interests, and communicating the Home Solutions message to the public as the founder of the Company’s current strategic direction. I look forward to his continued participation in the organization as well as this opportunity to lead our management team.”
Home Solutions has announced a strategy to become a niche provider of specialty residential services including indoor air contaminate removal, fire/water damage restoration and cleaning and fabric protection services. Its first acquisition as part of this strategy, PW Stephens, was completed in late 2002.
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.
