April 9, 2007, Dallas, TX - (Business Wire) - Home Solutions of America, Inc. (NASDAQ: HSOA; the “Company” or “Home Solutions"), a provider of recovery, restoration and rebuilding/remodeling services, announced today that its subsidiary, Home Solutions Restoration of LA, Inc. ("HSRLA") has been selected for approximately $13.7 million in new infrastructure projects in New Orleans and surrounding areas. Work under most of the contracts recently commenced and is expected to be completed prior to the end of the year. The contracts represent new work that was not previously included in the Company’s announced backlog.
The projects include a renovation of the Office of the Orleans Parish Criminal Sheriff - House of Detention, sidewalk improvements in the French Quarter for the City of New Orleans Department of Public Works, renovations for the Jefferson Parish Recreation Department - Estelle Playground & Gym, renovations for the New Orleans Public School District and renovations for the St. Charles Parish School Board - Hahnville High School.
“We have begun to see increased activity surrounding the rebuilding efforts in Louisiana and the Gulf Coast,” said Scott Sewell, Chairman of HSRLA and the leader of the Associated Contractors division. “These contracts result from our ability to consistently provide skilled labor and our reputation for completion of projects in a timely manner. While the Company has recently announced significant contract awards outside of the New Orleans area, we believe that we are also well positioned to secure a broad array of projects that are expected to result from increased federal and state spending associated with the $1.1 billion recovery plan outlined by City of New Orleans officials.”
About Home Solutions of America, Inc.
Home Solutions of America, Inc. 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. Its Fireline Restoration, Inc. (“Fireline”) subsidiary is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. Based in Tampa, Fireline is certified in multiple aspects of the restoration industry, including smoke, fire, water and mold. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and South Carolina. Home Solutions Restoration of La, Inc., which does business as Associated Contractors, L.L.C. is a Louisiana based commercial, industrial and residential contractor working in the governmental and private arenas. Associated has been one of the larger players in redeveloping public schools in the aftermath of Katrina. Its clients include the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market, Louis Armstrong International Airport and the N.A.S.A. Stennis Space Center in Mississippi. For additional information, please visit the Company’s Web site at http://www.hsoacorp.com.
Cautionary Notice
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, contracts to be performed, and new opportunities associated with the anticipated rebuilding of the New Orleans area, 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.
