ICS Magazine

Home Solutions of America Signs Letter of Intent to Acquire Central Texas

March 31, 2003
HOUSTON, March 31 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc. today announced that it has signed a letter of intent to acquire Central Texas Residential Services, Inc., a provider of indoor air contaminate removal services and carpet and air-duct cleaning services to customers throughout central Texas.

The purchase price values the transaction at approximately $2,000,000, representing 850,000 common shares of Home Solutions. This transaction should close within the next few weeks.

Commenting on the letter of intent, President and CEO Andrew White stated, "Central Texas Residential Services brings a solid management team with a proven track record of profitable financial results to the Home Solutions team. CTRS forms the genesis of our Texas indoor air contaminate marketplace, similar to the PW Stephens business that we own in California. Mold remediation, and the remediation of other airborne contaminates, continues to be a profitable and growing marketplace, and Home Solutions expects to make additional acquisitions in this field. We would like to welcome the employees of CTRS to the Home Solutions team."

Jeff Hawkins, President of Central Texas Residential Services, stated, "I am proud of what this management group has accomplished in its history and look forward to working as part of the Home Solutions family of companies. We will focus on capitalizing on the many opportunities we see in the Texas market, and we will seek ways that our company can profitably assist other Home Solutions' companies."

Home Solutions is 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.