ICS Magazine

Nextgen Announces New Strategic Direction in Residential Services

October 4, 2002
HOUSTON, Oct. 3 /PRNewswire-FirstCall/ -- Nextgen Communications Corp. announced that the company is launching a new strategic effort within the residential services industry. Under this strategy, Nextgen intends to rename the company, subject to shareholder approval.

The company plans to close acquisitions currently under negotiation, as well as to implement an internal growth strategy that will focus the company's efforts on residential services such as: aairborne contaminate removal, HVAC, interior air-duct cleaning, carpet cleaning, residential restoration services, and other residential related opportunities.

Commenting on the new strategy, Chairman and CEO Frank J. Fradella stated, "Given the continued upheaval in the telecommunications industry, the company has decided to abort its efforts in the tower ownership business. The company has found a favorable growth opportunity in the $10 billion residential services field. This industry, in part fueled by the robust home improvement sector, is dominated by fragmented providers, creating an opportunity for the company to build a scalable, multi-regional provider of residential services. Given management's background in service related businesses, the company should enhance its opportunity to raise the additional investment capital required to meet these objectives. Your management team is steadfastly pursuing the development of a residential services platform upon which to build revenue growth, improve profitability, and enhance shareholder value."