EVSP (.60) Environmental Service Professionals, Inc. Acquires Trade Associations
Monday, October 15 2007 12:41 PM, EST Business Wire “US Press Releases “
PALM SPRINGS, Calif.–(BUSINESS WIRE)–
Environmental Service Professionals, Inc. (OTCBB:EVSP) today announced the acquisition of the International Association of Managers, Inc. (IAMI). IAMI is the manager and owner of six associations that are intimately involved in ESP’s industry:
the National Association of Real Estate Appraisers ;
the Environmental Assessment Association ; the Association of Construction Inspectors ;
the Housing Inspection Foundation ; the International Real Estate Institute ;
and the International Society of Meeting Planners .
Together, these for-profit entities cover a wide range of inspection-related services, including construction inspection, environmental inspection and testing,
promotion and development of home inspection, professional realty and appraisal reports, the provision of meeting planners, the promotion of ongoing education in appraisal review, and mortgage underwriting.
Collectively, these associations currently have a total of 8,000 members.
Cumulative 2006 revenues for all six entities are estimated at $1,000,000 and earnings before income taxes, depreciation and amortization are estimated at $450,000 .
(Both numbers are approximate, and are unaudited.)
The acquisition was effected as an asset purchase: ESP paid $659,000 in cash and assumed $134,000 in unearned revenue liability in the transaction.
Management of all of the associations is now under the umbrella of ESP’s wholly-owned subsidiary, National Professional Services, Inc. (NPSI).
Edward L. Torres, Chairman and Chief Executive Officer of ESP, commented:
“People don’t realize that often homes and buildings are uninsurable for mold and moisture damage.
Our company was formed to offer training, stringent protocols, scheduling and administrative support for the Certified Environmental Home Inspectors (CEHIs) in our program.
Consumers and organizations such as those represented in the IAMI memberships can avoid the consequences to both individual health and loss of property value associated with certain environmental issues by using ESP’s ‘gold standard’ inspection and management services.”
ESP’s first two acquisitions were National Professional Services, Inc.
(NPS) and Allstate Home Inspection and Household Environmental Testing, Ltd. (AHI).
NPS trains and educates industry stakeholders and consumers through certification programs; AHI offers a high-level home inspection and household environmental testing training curriculum along with the professionally-designated CEHI Program.
The CEHI Program consists of a suite of environmental services: allergen screening, energy inspections, neighborhood environment reports, radon testing, moisture management program, mold testing, and new builder program.
About Environmental Service Professionals, Inc.
Environmental Service Professionals, Inc. is the first publicly-traded company established to consolidate the highly-fragmented home inspection industry and to specialize in environmental inspections.
ESP is focused on the development and delivery of state-of-the-art procedures and tools to provide environmental services for addressing many environmental issues in the Building, Residential, Commercial and Real Estate industries.
Its Healthy Home Assurance mission results in the mitigation of risk across the board for homeowners and for mortgage, title and insurance companies.
The company’s motto is “peace of mind for your family, your home and your health.”
For more information, visit the ESP web site at http://www.espusa.net.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including, but not limited to, a lack of adequate capital to enable the Company to execute its business plan or make important business acquisitions in order to grow; the failure to complete successfully the development of new or enhanced products and services;
the lack of market demand for any new or enhanced products and services the Company may develop; any actions by the Company or its partners that may be adverse to the Company; the success of competitive products and services;
other economic factors affecting the Company and its markets; seasonal changes; and other risks detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission .
Actual results may differ materially from those expressed in this press release.
The Company disclaims any obligation to update any statements in this press release.
KEYWORDS: mold home inspection moisture control environmental green companies insurance allergens radon energy efficiency homebuilders
Source: Environmental Service Professionals, Inc.