ATLANTA, July 13, 2005 (PRIMEZONE) -- Equus Resources, Inc. (Pink Sheets:EQUR) ("Equus") announced today it plans to add a residential construction division through the acquisition of an established Atlanta-based construction company. The 11-year old company builds single family homes and offers complete residential renovation and remodeling services. Final terms of the acquisition are being negotiated.
The company being acquired operates in the greater Atlanta metropolitan area, primarily in the fast-growing northern suburbs of Fulton, Forsyth, Cherokee, Gwinnett and Cobb counties, which continue to be some of the hottest homebuilding markets in the United States. The company will be renamed "Team One Builders" as part of the Equus corporate strategy to build resources, value and name recognition around its "Team One" brand which already includes Team One Mortgage Services and Team One Insurance Services.
The head and principal owner of the company who will continue as its President after the acquisition has been actively involved in home building for the past 35 years. He has personally supervised the construction of over 400 homes, most in the luxury segment with an average price in the $500,000 range. However, he has also built entry-level and move-up homes, as well as prefabricated and modular homes. The total value of homes he has built exceeds $150 million. He is a certified home inspector and a general contractor and has commercial construction experience with churches and shopping centers.
In making this announcement, Randy Harris, President of Equus, commented: "This acquisition represents an ideal addition to our Team One family of companies. We are confident that it will begin generating profits for us almost immediately and we plan to expand its operations to other markets in the Southeast where new home construction continues to be very strong and where we already have a presence through our mortgage operations."
Mr. Harris added, "The synergy created for us by this acquisition is extremely exciting. It is a major step toward complete vertical integration of our company. Not only will this acquisition become a stand-alone profit center, but the immediate spin-off revenue potential for our other Team One companies could prove to be the most lucrative part of the acquisition."
About Equus Resources
Equus Resources is a multi-faceted financial services company that offers consumer and commercial clients a broad range of mortgage and insurance products, mainly in the southeastern states. Equus plans to expand its business through internal growth and acquisition and to add new financial products and services as demand warrants. Equus is headquartered in Roswell, Georgia, a suburb of Atlanta. For more information, please visit us at www.equusresources.com and www.teamonemortgage.com or e-mail us at investorinfo@equusresources.com and we will be happy to add you to our electronic mailing list.
Forward-Looking Statements:
Any statements made in this press release which are not historical facts contain certain "forward-looking statements," as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the Company to which this release pertains. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgment of management of the Company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties, including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, the receipt of revenues, and other factors, many of which are beyond the control of the Company. The Company disclaims any obligation to update information contained in any forward-looking statement.