Cotton Companies Adds Four Key Customers to Its Preferred Client Program.
Charys Holding Company, Inc. ("Charys") (OTC Bulletin Board: CHYS) announced today that Cotton Companies ("Cotton") has received commitments from four significant customers to its rapidly Preferred Client Program. The Program provides clients with Cotton's year-round fire and water emergency services. Cotton is a leading provider of fire and water restoration, reconstruction and remediation services and has entered into a letter of intent to be acquired by Charys.
The company also announced that the acquisition of Cotton continues to move forward with both companies establishing a closing date of late September. This follows the payment of a $1 million down- payment by Charys after the U.S. Federal Trade Commission granted Charys' request for early termination of the waiting period effective August 9, 2006.
The Cotton Preferred Client Program provides clients with Cotton's year-round fire and water emergency services. Cotton has been awarded the contract from Office Depot, thorough an elaborate RFP process, to be their restoration provider. Office Depot has 1,019 stores in the United States and District of Columbia. Cotton USA has also been added as a vendor for emergency restoration services and a restoration provider for Costco Wholesale, Accor Hotels and Arizona State University. Costco Wholesale has 355 locations in the United States and Puerto Rico. Accor has 1288 locations in the United States.
Cotton USA continues to grow with their Preferred Client Program: the Program is designed to provide emergency fire and water restoration services to clients in the event of a fire and/or water damage to their facilities and to put them back in business quickly after a loss. " We believe that our commitment to our customer is the fundamental reason we are able to engage new customers prior to them having a loss. Property owners and Risk Managers are more aware of the need to have a relationship with a restoration company before they need their services and know who to call when they need the services" Pete Bell - Owner and CEO of Cotton USA.
Billy Ray, Jr., Chairman and Chief Executive Officer of Charys, said, "These new clients represent the rapidly increasing base of marquee customers who recognize the professionalism and value that Cotton brings to their contingency planning requirements. Along with the services of other Charys subsidiaries, Cotton provides true 'total service solutions' to the broad spectrum of needs of their clients. And we are very pleased that the acquisition of Cotton continues to move forward on schedule."
Cotton signed a letter of intent to be acquired by Charys. Charys will create C&B Holding Company, which will initially include Cotton and Charys' current restoration company, Crochet and Borel Services, Inc. ("C&B"). Cotton will survive as the international branding and operating entity and will be one of the largest companies of its kind in the world.
About Cotton Companies (www.cottoncompanies.com)
Cotton Companies is a group of disaster recovery firms specializing in fire and water restoration services ranging from initial project assessment and planning, through catastrophe management reconstruction, restoration and environmental remediation. The company's strategy is to provide the highest quality service to meet our customers' expectations and anticipate tomorrow's opportunities through creative and innovative thinking in our approach to today's issues. Successful execution of this strategy has produced a broad portfolio of successful projects, extremely satisfied clients, and a most challenging set of standards for the industry. The company employs cutting edge technology, state of the art equipment, and the latest in management/personnel techniques to carry out its national and international operations.
About Charys Holding Company, Inc. (www.charys.com)
Headquartered in Atlanta, Georgia, Charys Holding Company, Inc. (OTC Bulletin Board: CHYS) is a publicly traded company focusing on the fragmented and underserved segment referred to as The Integrated Infrastructure Services Segment. This segment is fundamentally focused on environmental remediation and on upgrading the underpinning, infrastructure, and back office operations of the telecommunication, cable, electric, and Internet industries serving consumers, businesses and government entities. Charys' principle strategy is to acquire, through mergers and acquisitions, companies that support this underserved segment. Charys subsidiaries
include: Viasys Services, Inc., Personnel Resources of Georgia, Inc., Method IQ, Inc., CCI Telecom, Inc., Digital Communication Services, Inc., Ayin Holding Company, Inc. and Crochet & Borel Services, Inc.
For more information about Charys visit http://www.charys.com.
NOTE: The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
Some statements in this release, including statements regarding management's expectations for future financial results and access to capital markets, are forward-looking statements. Investors are cautioned that these forward-looking statements regarding Charys Holding Company, Inc. and its subsidiaries and its and their operations and financial results involve risks and uncertainties, including without limitation risks of accessing capital markets on terms acceptable to Charys, downturns in economic conditions generally and in the telecommunications and data communications markets; risks in product development and market acceptance of and demand for Charys products; risks of failing to attract and retain key managerial and technical personnel; risks associated with competition and competitive pricing pressures; risks associated with investing in new businesses; risks related to intellectual property rights and litigation; risks in technology development and commercialization.
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|Date:||Aug 24, 2006|
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