PHOENIX, Oct. 12, 2005 (PRIMEZONE) -- Home Warranty Services of America, Inc. (Pink Sheets:HMWS), the Corporation, announces that it will be changing its direction and re-developing a business plan focused on increasing shareholder value.
The company's directors and corporate officers met with the current management team and advisors by teleconference on Monday. The objective of the meeting was to re-evaluate the company's goals and visit options to increase its potential for success.
The conclusion of the management team was that the "home warranty industry" was changing and that some of the changes will require additional licensing by the insurance industry. "The obstacles in the way of our intended success could not have been predicted," stated Jay Budd, company President. "We will be forced to conform to how the old boys do it", says Budd, "and this changes our appetite for this business sector, and our ability to outperform the current providers."
The management team is reviewing proposals from companies with strong fundamentals and hopes to announce a new business model and plan within the coming weeks.
This media release may contain forward-looking statements regarding, but not limited to, management, market potential, distributor success, market size, international sales, marketing, future events and performance of the Company which involve risks and uncertainties that could materially affect actual results. Investors should refer to documents that the Company intends to file with the SEC for a description of certain factors that could cause actual results to vary from current expectations and the forward-looking statements contained in this media release.