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 Charys Acquires Personnel Resources of Georgia, Inc.Edward K. Acosta Joins the Charys TeamATLANTA -- August 9, 2004 -- Charys Holding Company, Inc. (Charys), (OTCBB: CHYS.OB), a Delaware Corporation, today announced that it has acquired Personnel Resources of Georgia, Inc. (PRG), a Georgia Company. The purchase was consummated with a corporate note payable in cash or stock over the next several years. The transaction is effective as of July 1, 2004. Charys was recently re-launched so that it could focus on the fragmented and underserved technology service and support industries. While Charys' market varies widely in scope, its central theme addresses the need to upgrade the underpinning, infrastructure, and back office operations of the telecommunication, cable, electric, and Internet industries that serve consumers, businesses, and government entities. Personnel Resources is a Professional Employer Organization (PEO). As a Professional Employer Organization (PEO), PRG leases employees to various client organizations. In the southeastern United States, its primary operating territory, the company has a client base made up of a wide range of small and medium size businesses. PRG was established as an S-Corporation in 2001 with audited revenues of $28.9 million in calendar year 2002, and $33.8 million in 2003. Net income in 2002 and 2003 was $64,000 and $78,000, respectively. Management of PRG will enter into multi-year employment contracts. "The PRG business model offers the small and medium business market an easy to use one-stop-shop for outsourcing the employee and HR functions," said Billy V. Ray, Jr., CEO, Charys Holding Company, Inc. "We think the inclusion of this company in the Charys portfolio is a significant step toward our ultimate goal of acquiring businesses that immediately enhance the value of our company in the marketplace and facilitate the integration of subsequent acquisitions." Unrelated to the PRG acquisition, Charys announced that Edward K. Acosta has joined its senior management team as Vice President of Business Development. Mr. Acosta's duties will be to identify and negotiate with target companies for acquisition by Charys. Acosta has been a serial entrepreneur, starting three companies in the last eight years and raising almost $20 Million in venture funding. In the mid 1990s, he worked with Schlumberger for approximately three years in a business development role. Mr. Acosta holds an undergraduate degree from Boston College, a Masters degree from the Massachusetts Institute of Technology, and a MBA from The University of Texas at Austin. "I believe Charys has unique, conservative, and obtainable business plans and objectives," Acosta said. "The existing senior team and the Board of Directors are both extremely qualified and work extremely well together. I am very happy to be building a company with them," he continued. Ben Holcomb, President and Chief Operating Officer of Charys added, "I have known Ed for several years. His drive, determination, and intelligence will significantly enhance our ability to execute on the Charys strategy and create opportunities to exceed the goals we have outlined for the company." About Charys Holding Company, Inc. Headquartered in Atlanta, Georgia, Charys Holding Company, Inc. (OTC BB:CHYS.OB) is a publicly traded company focusing on the fragmented and underserved segment referred to as Technology Service and Support Industries. This segment varies widely in scope, but is fundamentally focused on upgrading the underpinning, infrastructure, and back office operations of the telecommunication, cable, electric, and Internet industries serving consumers, businesses and government entities. Our principle strategy is to acquire, through mergers and acquisitions, companies that support this underserved segment. Charys serves as a vehicle to provide individual business owners a unique opportunity to participate in effectively "going public," without the time, energy and expense of the process. The mission of the company will continue to be the acquisition of multiple companies into the public entity to better serve the Integrated Infrastructure Support Services market. NOTE: The names of actual companies and products mentioned herein may be the trademarks of their respective owners.Forward-looking statements in this release, including statements regarding management's expectations for future financial results and access
to capital markets, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that these forward-looking statements regarding Charys Holding Company, Inc., its operations and its 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.Contact: www.redninePR.com |
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