Watchtower Dominated Company Does Military Work

metatron

see:

http://biz.yahoo.com/ap/041206/home_solutions_air_force_1.html

I don't know the capital structure but as the 8-K says the WTS of Pennsylvania owns a lot of this small company.

metatron

outnfree

Well, here's the story:

Associated Press Home Solutions Unit Gets Air Force Pact
Monday December 6, 12:59 pm ET

Home Solutions of America Unit Gets $1.3 Million Air Force Contract to Remove Mold From Homes

DALLAS (AP) -- Home Solutions of America Inc., a provider of specialty residential services, said Monday that its PW Stephens unit received a contract worth more than $1.3 million to remove mold from over 240 homes at Camp Pendleton Air Force base in Southern California.

"The combination of continued backlog in California coupled with our recent contracts resulting from damage due to the hurricanes in Florida bode well for the 2005 fiscal year," said PWS president Scott Johnson.

Shares of Home Solutions were up 2 percent, or 3 cents, at $1.50 in afternoon trading on the American Stock Exchange.

###

But, Metatron, could you link us to where you found the information that the Watchtower Society of Pennsylvania is a large shareholder in this firm?

Thanks,

outnfree

minimus

You're not seeing it either.

fleaman uk

A possible clutching of straws here Methinks

sf

('Watchtower' is divided into two words in this search, thus it is not cached by google.)

http://www.google.com/search?hl=en&lr=&q=Home+Solutions+of+America+Inc+Watchtower

Summary of HOME SOLUTIONS OF AMERICA INC - Yahoo! Finance
... July 1, 2004, by and among Home Solutions of America, Inc., RAM Home Warranty Holding
Corp., John Mazurkiewitz, Melinda Mazurkiewitz, and Watch Tower Bible & ...
biz.yahoo.com/e/040720/hom8-k.html - 11k - Cached - Similar pages

[[ ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

2.1 Stock Purchase Agreement, dated July 1, 2004, by and among Home Solutions of America, Inc., RAM Home Warranty Holding Corp., John Mazurkiewitz, Melinda Mazurkiewitz, and Watch Tower Bible & Tract ]]

sKally

BluesBrother

I have often questioned the wisdom of the WT practise of suggesting that donations are accepted in the form of stock. (If that is what happened here)

As we saw in the Rand Cam issue. The WT claimed that was a donation , which in that case they say they had never received .

Supposing they accept shares in a legitimate company, then there is nothing to prevent that firm turning to military contracts or anything else that they are opposed to. I wonder, do they then become full shareholders? Do they have a limit on the number of shares per company so as to prevent them becoming overly involved with a business operation of the "Old world"

Does anybody have any experience of the Society in this matter?

Happy Guy :)

I have often questioned the wisdom of the WT practise of suggesting that donations are accepted in the form of stock. (If that is what happened here)

That would not be the case here BB.

This is a case of the WT purchasing shares in a company for investment purposes (presumably). These shares were not donated. The odd thing is this is a very small company and would be considered a high risk investment which does not seem like the type of investment which a "charity" would be involved in. I do not see where WT owns a massive share. It appears that their investment was done at a time when the company was in dire need of working capital and also to pay off the following loan:

In March 2003, the Company borrowed $250 from an affiliate of a stockholder of the Company. The note accrues interest at 8% per annum, payable monthly. The note and accrued interest was paid in July 2004.

That would be $250,000.00 referred to here. I wonder if perhaps a freind of someone in the WT was worried about not getting their note paid. By the WT making their investment in July '04 the previous outstanding loan was paid out with interest. A few days prior (June 30/04) to the WT making the share purchase investment directly with the comapany, the company also had to borrow 175K more cash for short term working capital. To me this high risk investment smells like a case of you scratch my back and I'll scratch yours.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20-Jul-2004

Other Events and Financial Statements & Exhibits

ITEM 5. OTHER EVENTS.

On July 19, 2004, Home Solutions of America, Inc. (the Registrant) completed a private placement with two institutional investors (the Investors) whereby the Investors purchased $1,000,000 of Home Solutions' Series B Convertible Preferred Stock, which is convertible into its common stock at a price of $1.50 per share. The net proceeds of such offering will be used for acquisition financing and general working capital needs. The preferred shares issued in this offering were not registered under the Securities Act of 1933, as amended (the Act), and may not be offered for sale or sold absent registration under the Act or an applicable exemption from the registration requirements of the Act.

The Registrant also entered into a Financial Advisory Agreement with the Investors, and issued the investors an aggregate of 666,667 warrants to purchase the Registrant's common stock at $1.75 per share in connection therewith, pursuant to which the Investors will assist the Registrant with the financing of the RAM Home Warranty acquisition, which is under a Stock Purchase Agreement among the Registrant and the current owners of such companies dated July 1, 2004 (attached hereto as an exhibit), and is subject to certain closing conditions, as previously announced by the Registrant.

Certain agreements related to the transactions described above are attached hereto as exhibits and incorporated herein by reference.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

2.1 Stock Purchase Agreement, dated July 1, 2004, by and among Home Solutions of America, Inc., RAM Home Warranty Holding Corp., John Mazurkiewitz, Melinda Mazurkiewitz, and Watch Tower Bible & Tract Society of Pennsylvania, Inc.

 3.1 Certificate of Designation of the Relative Rights and Preferences 
 of the Series B Convertible Preferred Stock of Home Solutions of 
 America, Inc., as filed with the Secretary of State of Delaware on 
 July 19, 2004. 
 10.1 Series B Convertible Preferred Stock Purchase Agreement, dated July
 19, 2004, by and among Home Solutions of America, Inc. and the 
 purchasers of Series B Convertible Preferred Stock. 
 10.2 Registration Rights Agreement, dated July 19, 2004, by and among 
 Home Solutions of America, Inc., Victus Capital, LP, and Vicis 
 Capital Master Fund. 
 10.3 Financial Advisory Agreement, dated July 19, 2004, by and among 
 Home Solutions of America, Inc., Victus Capital, LP, and Vicis 
 Capital Master Fund. 
 10.4 Form of Series C Warrant to Purchase Shares of Common Stock of Home
 Solutions of America, Inc., dated July 19, 2004, as issued 
 to Victus Capital, LP and Vicis Capital Master Fund. 
 10.5 Form of Series D Warrant to Purchase Shares of Common Stock of Home
 Solutions of America, Inc., dated July 19, 2004, as issued 
 to Victus Capital, LP and Vicis Capital Master Fund. 
 10.6 Registration Rights Agreement, dated July 19, 2004, by and among 
 Home Solutions of America, Inc., Victus Capital, LP, and Vicis 
 Capital Master Fund. 
 99.1 Press Release dated July 20, 2004.

HappyDad

And they had the nerve to tell us over the years not to invest money into a failing system. The only system I want to see fall it the WT.

HappyDad

Winston Smith :>D

To me this looks more like a case of you scratch my back and I'll scratch yours.
Happy Guy

At the risk of throwing fuel on to the fire of speculation, does anyone know who this person is:

Jane C. Barber

The name is given mention heavily in the PDF file:

http://www.hsoacorp.com/investor/reports/pdf/HOM_10Q_2Q2004.pdf

2.1 Stock Purchase Agreement dated November 1, 2002, by and between Nextgen Communications Corporation
and Jane C. Barber
2.2 Promissory Note dated November 1, 2002, in the original principal amount of $1,500,000, issued by Nextgen
Communications Corporation to Jane C. Barber
2.3 Promissory Note dated November 1, 2002, in the original principal amount of $1,000,000, issued by Nextgen
Communications Corporation to Jane C. Barber
2.4 Promissory Note dated November 1, 2002, in the original principal amount of $1,444,100, issued by Nextgen
Communications Corporation to Jane C. Barber

Any relation to our beloved governing body member?

John Barr
Carey Barber
Samuel Herd
Theodore Jaracz
Steven Lett
Gerrit Lösch
Guy Pierce
Albert Schroeder
David Splane
Daniel Sydlik

I know nothing about this sort of thing, so someone who is versed in this type of thing may find more info in that PDF file.

Watchtower Dominated Company Does Military Work

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