Home Solutions Announces Agreement in Principle to Resolve Seller Note, Moves Second Quarter Release to Thursday, August 9th
Wednesday, August 08, 2007 08:28ET
DALLAS, Aug 08, 2007 (BUSINESS WIRE) -- 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, announced today that it has reached an agreement in principal to resolve the Fireline Restoration, Inc. ("Fireline") seller note and as a result will delay the conference call announcing release of its second quarter results for the period ended June 30, 2007 until Thursday, August 9, 2007 after the market closes. The Company will hold a conference call and webcast to discuss the results and business outlook at 4:30 p.m. ET that day.
The delay is to give the Company additional time to finalize the definitive terms of its agreement with Brian Marshall, a director and the Executive Vice President of the Company, to settle the $21,650,000 note that was issued to Mr. Marshall in partial consideration for the Company's acquisition of the capital stock of Fireline and to obtain required consents, including its lender and an independent committee of the Board. The Company intends for the settlement to be effective June 30, 2007 and to reflect the financial terms of the settlement of the $21,650,000 note in its second quarter financial statements. The settlement is expected to be reflected as a "Subsequent Event" in the Company's 10-Q for the second quarter and will be discussed in the Company's earnings announcement conference call.
The conference call will take place at 4:30 p.m. eastern time. Interested participants should call (888) 578-6632 within the United States or (719) 955-1564 internationally. Please use passcode 4897627. A playback of the conference will be available two hours after the completion of the call. To listen to the playback, please call (888) 203-1112 within the United States or (719) 457-0820 internationally. Please use passcode 4897627. The call will also be webcast and will be available on the Company's web site at www.hsoacorp.com in the Investor Relations section under Presentations.
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