American Renaissance Homes Addresses Misleading Internet Report
07 Giugno 2006 - 3:55PM
Business Wire
American Renaissance Homes (ARH), a provider of affordable modular
housing, responded today to a posting on an Internet blog site
characterizing information provided via a conversation with one of
its officers. The posting, which purported to describe the Company
and its relationship with Home Solutions of America, Inc. (Amex:
HOM), contained significant distortions and misstatements. ARH was
recently created by group of 5 senior executives with broad
experience in housing development including modular housing,
banking and project finance, and architectural design. Three of the
Partners have recently completed work for FEMA in New Orleans and
St Bernard Parish working on long term recovery planning. Another
Partner recently retired from HUD as an economic development and
Community Development Block Grant specialist after a 4-month
assignment in New Orleans working on disaster relief. The skills
and background of the Partners has led them to the conclusion that
the Southern Louisiana Region needs a well-organized and
professional provider of viable housing solutions in the
storm-ravaged areas. The Internet blog posting distorted the nature
of the short conversation it had with Alan Nazzaro, Chief Operating
Officer of ARH. It omitted Mr. Nazzaro statements that ARH has
negotiated an agreement with a modular home manufacturing company
to be their exclusive provider of that company's products in St.
Bernard Parish. Additionally, Mr. Nazzaro stated that "ARH has
received a significant number of contacts from customers interested
in purchasing homes and expects to receive its first orders
shortly." ARH has also been actively involved in establishing the
business infrastructure to support these activities, and has been
working closely with officials in the St. Bernard Parish area. The
Internet blog site also distorted its conversation with Mr. Nazzaro
on the Company's relationship with Home Solutions. The Internet
report incorrectly either misunderstood or mischaracterized Mr.
Nazzaro's comments regarding the relationship between ARH and Home
Solutions. The newsletter claims that Mr. Nazzaro told the caller
that Home Solutions owns 40% of ARH. This is false. Mr. Nazzaro was
not a party in discussions with Home Solutions and was unaware of
the details of the contractual relationship between ARH and Home
Solutions of America at the time he made his comments. ARH has not
agreed to provide an ownership stake to Home Solutions at this
time. The Company is owned exclusively by the 5 member partnership.
But, as part of the contractual agreement for assisting ARH with a
loan up to $800,000 for working capital, ARH has agreed to make
Home Solutions the exclusive provider of contracting and
installation services for modular housing in New Orleans and
surrounding areas. ARH believes that this relationship with Home
Solutions provides ARH a strong competitive edge in its ability to
deliver large number of modular homes throughout the areas
devastated by Hurricanes Rita and Katrina. "We are disappointed
that an Internet blog site has chosen to distort a conversation
that it conducted with someone who was not fully aware of the
contractual status of the Home Solutions agreement and whose
comments were distorted for unknown reasons," said Steven Richards,
CEO of ARH. "We have worked hard, in a relatively short time
period, to develop significant strategic relationships with major
corporations that should make ARH the predominant modular home
builder in this region in an effort to address the urgent unmet
housing needs in New Orleans and the surrounding areas. As former
FEMA employees, we have experienced first-hand the devastation that
storms of this magnitude can create. We have received the support
of local officials, secured the supply of modular homes and have
been responding to interested customers from around the region, all
in a very short time period. We are doing all we can to provide
viable solutions to the enormous housing crisis in the Gulf Coast
region where so many homes were under salty water for more than two
weeks." Richards further went on to say, "The business plan we are
putting in place requires a great deal of work and planning before
it can be implemented. ARH has made great strides in this effort
and we expect to start selling homes very soon." ARH will have four
model homes completed in St. Bernard Parish, one of the areas
hardest hit by Hurricane Katrina, in early July and be fully
engaged in sales and marketing at that time. According to Mr.
Richards, "It is unfortunate, that this Internet blog site, whose
comments are mostly inaccurate and distorted and which has no
address or telephone number, decided to use these distortions and
misstatements to 'report' fiction as fact and malicious opinion as
'news'. This despite the fact that its owners are currently subject
to litigation in courts in at least two states for defamation based
on false, misleading and damaging allegations published on its
site. We intend to evaluate and pursue all available legal remedies
to protect our Company."
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