I do own this stock and really think this could be a big winner.
PALM SPRINGS, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Environmental Service Professionals, Inc. ("ESP") (Pink Sheets:EVSP.pk - News), an innovator in environmental home inspections, announced today that the Company has received a $200 million letter of credit from Metropolitan Financial Holdings, which will be pledged to secure a loan in that amount expected to be made to Environmental Service Professionals, Inc. by a private equity lender. An 8K regarding the letter of Credit was filed on July 30, 2010. The net proceeds from the loan are expected to be in the amount of $150.5 million.
The expected funds will be used to launch the Company's Healthy Home Mortgage Program to provide mortgage bankers with a 10-year comprehensive, annual inspection program and a fully certified national standard to mitigate risk and maintain equity across their entire portfolio – establishing ESP as the first National Residential Inspection Company in the United States. ESP's program consolidates protocols for energy, moisture mold and other indoor air quality programs to allow one inspector to inspect a home on several different protocol levels at the same time, reducing the cost for consumers and stakeholders alike.
The annual inspection program assures that health, structural and energy issues are caught early, minimizing repair costs, mitigating risk and maintaining equity for the insurance, mortgage banking, building, real estate, and property management industries. Inspected homes receive the Healthy Green Living Certification seal, showing they have met comprehensive national health, structural and energy standards.
Moreover, the program is designed to create needed local jobs that have a potential minimum life span of 10 years and cannot be outsourced. In addition, the program expects to train and hire over 50,000 Veterans as inspectors and over 10,000 Disable Veterans as Customer Service Representatives to support the inspectors and customers of the program.
ESP's Chairman and CEO, Edward L. Torres, said, "With this investment, we are poised to launch the Healthy Home Mortgage program and ensure a healthier environment for every home and work place. We have been developing this program over several years and have earned the cooperation of government agencies, major corporations and insurance companies. Our goal is to provide the Healthy Green Living Certification for every home in America – creating affordable, environmentally safe and efficient homes for hard-working American families and generating meaningful jobs for thousands of veterans."
Metropolitan Financial Holdings Business Manager, Randall Kohl, said, "We are excited about the business relationship with Environmental Service Professionals and recognize that this is a profound opportunity to create jobs for both Veterans and Disabled Veterans, in addition to establishing a platform for environmentally safe homes across the Country. We are confident that ESP is on the cutting edge of technology, infrastructure and has a road-map that they have been working for over two years to implement. This plan will help to solve many of the problems facing our great nation and our Veterans."
About Environmental Service Professionals, Inc.
ESP (OTCPK:EVSP) offers various inspection services that include energy/efficiency audits addressing mold and moisture intrusion that can have an acute and chronic negative impact on the indoor air quality of commercial and residential buildings. The first company in the moisture inspection industry vertical to become a publicly traded company, ESP has embarked on a strategy to acquire businesses dealing with environmental issues and resolving environmentally sensitive problems. It has completed four acquisitions and is in various stages of discussion with additional companies that management believes are a good philosophical, operational and economic fit with ESP. For additional information, please visit: www.evsp.com
ESP, through its various wholly owned subsidiaries, has developed a standardized training, certification, inspection, and results reporting analysis program, which forms the foundation for the Company's "suite of services." These services taken together comprise the Certified Environmental Home Inspector™ ("CEHI") program. This program is available to active duty U.S. military and veterans and will meet all required Veterans Affairs requirements. Our Safeguard business unit will provide the EcoCheck Inspection™ as part of the pro-active comprehensive subscription based annual maintenance process called the Healthy Living Maintenance Program™ ("HLMP"), part of ESP's Healthy Home Mortgage Program™ (HHMP). Every 12 months a new EcoCheck Inspection™ is conducted. The HLMP is an all inclusive multi-disciplined inspection process focused on adding value to a property by reducing liabilities and mitigating risks for the insurance, mortgage banking, building, real estate, and property management industries by reducing claims, instilling confidence in property safety and efficiency while promoting a positive green image to both residential and commercial clients.
Visit http://www.evsp.com for complete information on the ESP family of services offered and investment information.
Disclosure: long EVSP.PK