DALLAS, Nov. 1 /PRNewswire-FirstCall/ -- Home Solutions of America, Inc. (the "Company" or "Home Solutions"), a provider of recovery, restoration and rebuilding/remodeling services, announced today that it has entered into a new $60 million credit facility agented and arranged by Texas Capital Bank, N.A. in conjunction with a consortium of financial institutions experienced in providing credit to construction companies. The new facility, which replaces the Company's previous $10 million credit facility, will support the Company's working capital requirements and reduces the overall borrowing costs of the Company.
"These new agreements will reduce our cost of capital and provide us with the necessary financial resources to support the strong growth we are experiencing in the second half of our fiscal year and we expect in fiscal 2007," said Jeff Mattich, Home Solutions of America's Chief Financial Officer.
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. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and South Carolina. For additional information, please visit the Company's Web site at http://www.homcorp.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.
Contact: Jeff Mattich
Chief Financial Officer
(214) 623-8446
Matt Kreps
Account Manager
Halliburton Investor Relations
(972) 458-8000
