Charys Holding Company, Inc. (“Charys”) (Pink Sheets: CHYS) a company focused on the high growth Restoration and Reconstruction and Wireless Communications and Data Infrastructure sectors, today announced that its wholly owned subsidiary Cotton Companies (“Cotton”) has deployed resources on a large restoration project for a Preferred Client damaged by recent storms in Chicago, Illinois. Additionally, Cotton has secured new Preferred Client contracts and now has approximately 1.6 billion square feet under management.
A series of severe thunderstorms ripped through Chicago and Northern Illinois on Thursday, August 23rd, dropping between 2 and 6 inches of rain and carrying winds over 70 mph. The storms caused airline delays, forced roads to close and resulted in more than 300,000 customers losing power, some of whom were not restored until Tuesday the 28th. Cotton, working from its Chicago location, began work Friday, August 24th with a property management company, a member of Cotton’s Preferred Client Program (“PCP”) to restore and reconstruct 42,000 square feet damaged in the storms. The two phases of work are expected to aggregate approximately $3 million in revenue.
Cotton has added two new national retail chains to its Preferred Client Program covering over 60,000,000 square feet in 3500 locations. Under its Preferred Client Program, Cotton develops a disaster action plan tailored to the clients’ specific requirements. These advance contracts provide the assurance to clients that, in a time of critical need, they have a prearranged action plan in place and ready to meet their needs.
Pete Bell, Cotton CEO, noted, “Our PCP gives customers a sense of security, since the interview and assessment process and pricing terms have been agreed upon before a loss occurs. The Chicago engagement is a perfect example of how members of our Preferred Client Program benefit when they need us most. In Chicago, we were able to immediately get to work restoring the damage caused by the torrential rains and begin the reconstruction process in order to get our client back up and operational. Our client did not waste their valuable time and resources assessing damage and bidding out for remediation and restoration. Together with our clients, we focus on minimizing the interruption to their business operation.”
Billy V. Ray, Charys Chairman and CEO added, “Over the past months, reconstruction work following restoration assignments has been increasing for Cotton; a clear cut indication of their clients’ trust and respect. As Cotton’s PCP grows, so too does their reputation as a solid turn-key provider. Customers benefit greatly from a single source supplier, and the Cotton revenue per client is measurably increased.”
This press release contains forward-looking statements. These statements are based upon Charys’ current expectations and speak only as of the date hereof. Actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the industry, including changing customer demand, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Charys’ Annual Report on Form 10-KSB, recent and forthcoming Quarterly Reports on Form 10-QSB, recent Current Reports on Form 8-K and other SEC filings discuss some of the important risk factors that may affect Charys’ business, results of operations and financial condition. Management undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
About Charys Holding Company, Inc.
Headquartered in Atlanta, Georgia, Charys is a publicly traded company providing infrastructure services in two primary markets. In the wireless communications and data infrastructure markets, Charys provides an array of services including engineering, program management, construction, installation and maintenance, tower services, radio and advanced technology implementation and integration services to large service providers and other business enterprises. In the restoration and reconstruction markets, Charys services include emergency planning and coordination, response to catastrophic losses, reconstruction and restoration and environmental restoration.
