ROUND ROCK, Texas --April 25, 2003--American Plumbing & Mechanical Inc. ("AMPAM") today announced that David C. Baggett has resigned as the Company's president and chief financial officer to pursue other business interests.
Commenting on Baggett's departure, Robert Christianson, chairman & CEO, stated, "David has been associated with AMPAM since its formative stages. He played an integral role in our initial consolidation efforts and establishing the company's strategic focus. We wish David all the best in his future endeavors."
Robert Christianson will assume the additional title of president. Christianson also announced that he has formed a committee of the board of directors to evaluate the company's top management structure and to look at leadership options from both within and outside the company.
Results for the first quarter of 2003 are expected to be available by May 15, 2003. Management believes that the results from ongoing operations for the first quarter of 2003 will show some improvement over the first quarter of 2002. The Company remains committed to its long-term strategies, including strategic alliances with homebuilders and our national purchasing initiatives.
Headquartered in Round Rock, Texas, AMPAM is America's No. 1 choice for residential plumbing, heating and cooling. AMPAM also provides commercial plumbing and mechanical contracting services.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Although AMPAM believes that such statements are based on reasonable assumptions, it can give no assurance that its expectations will in fact occur. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, changes in national or regional economic conditions affecting the construction industry, our ability to integrate acquired businesses, federal and state regulatory developments, AMPAM's financial leverage and the availability of skilled personnel, as well as other risk factors.
