Home Solutions of America Updates Tampa Project; 635,000 Square Foot Mixed Use Project Located in Apollo, Florida
DALLAS--Home Solutions of America, Inc. (Nasdaq: HSOA, the "Company" or "Home Solutions"), a provider of restoration, construction and interior services to commercial and residential customers, provided an update on the contract that its Fireline Restoration, Inc. subsidiary ("Fireline") announced on May 31, 2007, when it disclosed that it had been awarded a contract to provide construction management, general contracting and development services for a 635,000 plus square foot retail center and corporate office site located in Hillsborough County, Florida (the "Project"). Fireline has been engaged by South Shore Ventures, LLC ("South Shore Ventures") to develop the Project. Fireline anticipates recognizing approximately $100 million in revenue over the course of the Project's development, anticipated to take 30 to 48 months to complete. The Company expects to begin to recognize revenue during the 2007 third quarter. The Project is located at Highway 41, in Apollo Beach, Florida, directly across from Mirabay Village, a high-end subdivision complex of 1,700 units which is being developed by a leading national developer.
Fireline has retained Genesis Civil Engineering to assist in providing South Shore Ventures with the civil engineering design in connection with the permitting process. In addition to construction services, Fireline will provide various services which are typical during the development phase of the Project. South Shore Ventures has advised the Company that it recently commenced marketing activities relating to the Project. South Shore Ventures has already received zoning approval for the Project, which approval includes a 300,000 square foot retail location and 335,000 square feet planned for business, professional and light industrial purposes. Civil permitting for the Project is underway.
South Shore Ventures, which is owned by Commercial Capital Ventures, LLC ("Capital Ventures"), has a binding agreement to purchase the land underlying the Project. Capital Ventures is 50% owned by an entity that Brian Marshall, a director and the Executive Vice President of the Company, owns a 50% interest (effectively a 25% interest in South Shore Ventures) in, and 50% by unrelated third parties. In addition to its proximity to Mirabay Village, the Project is located adjacent to Waterset, a 4,500 unit complex under development, which is part of the estimated $400-million waterfront community being developed in the Apollo Beach area, approximately 20 minutes from downtown Tampa. To view an artist's rendering of the project, click here: http://www.firelinerestoration.com/content/5940-001-BASE4.pdf
The Company expects to provide an update on the New York projects within the next two weeks, and to hold a conference call for the investment community during the third quarter to further discuss both the Tampa and New York projects.
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its 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 North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), 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 Hurricane 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.
To sign up for investor email alerts please visit: http://www.b2i.us/irpass.asp?BzID=1448&to=ea&s=0.
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, including the Tampa project, are subject to certain risks and uncertainties such as delays in obtaining permits and other approvals necessary for construction, South Shore obtaining financing, if necessary, weather-related delays, completion of requisite items to obtain permitting, and other construction-related risks that could cause actual results to differ materially from those indicated in the forward-looking statements. In addition, other risks are noted in the Company's 10-K and 10-Q and other reports filed with the SEC.
Contacts
Home Solutions of America, Inc., Dallas
Matt Kreps, 214-623-8486
Fireline has retained Genesis Civil Engineering to assist in providing South Shore Ventures with the civil engineering design in connection with the permitting process. In addition to construction services, Fireline will provide various services which are typical during the development phase of the Project. South Shore Ventures has advised the Company that it recently commenced marketing activities relating to the Project. South Shore Ventures has already received zoning approval for the Project, which approval includes a 300,000 square foot retail location and 335,000 square feet planned for business, professional and light industrial purposes. Civil permitting for the Project is underway.
South Shore Ventures, which is owned by Commercial Capital Ventures, LLC ("Capital Ventures"), has a binding agreement to purchase the land underlying the Project. Capital Ventures is 50% owned by an entity that Brian Marshall, a director and the Executive Vice President of the Company, owns a 50% interest (effectively a 25% interest in South Shore Ventures) in, and 50% by unrelated third parties. In addition to its proximity to Mirabay Village, the Project is located adjacent to Waterset, a 4,500 unit complex under development, which is part of the estimated $400-million waterfront community being developed in the Apollo Beach area, approximately 20 minutes from downtown Tampa. To view an artist's rendering of the project, click here: http://www.firelinerestoration.com/content/5940-001-BASE4.pdf
The Company expects to provide an update on the New York projects within the next two weeks, and to hold a conference call for the investment community during the third quarter to further discuss both the Tampa and New York projects.
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its 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 North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), 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 Hurricane 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.
To sign up for investor email alerts please visit: http://www.b2i.us/irpass.asp?BzID=1448&to=ea&s=0.
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, including the Tampa project, are subject to certain risks and uncertainties such as delays in obtaining permits and other approvals necessary for construction, South Shore obtaining financing, if necessary, weather-related delays, completion of requisite items to obtain permitting, and other construction-related risks that could cause actual results to differ materially from those indicated in the forward-looking statements. In addition, other risks are noted in the Company's 10-K and 10-Q and other reports filed with the SEC.
Contacts
Home Solutions of America, Inc., Dallas
Matt Kreps, 214-623-8486
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