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<title>Home Solutions of America, Inc. 8-K for 3-2-2005 by EDGAR2.com </title>


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<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>UNITED STATES</b></p>

<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>WASHINGTON, DC
20549</b></p>



<p class=MsoNormal align=center style='text-align:center'><b>FORM 8-K</b></p>



<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>CURRENT REPORT</b></p>

<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>PURSUANT TO
SECTION 13 OR 15(d) OF THE</b></p>

<p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0.001pt'><b>SECURITIES
EXCHANGE ACT OF 1934</b></p>



<p class=MsoNormal align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>



<div align="center">
	<table border="0" width="740" id="table1">
		<tr>
			<td colspan="2" align="center">
			<p align="left">&nbsp;Date of Report (Date of earliest event
			reported)<u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March
2, 2005 (February 28, 2005)</u></td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp; </td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<p class=MsoNormal align=center style='text-align:center'>HOME SOLUTIONS
OF AMERICA,
INC.</p></td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<div style="width: 731px; height: 11px; border-top-style: solid; border-top-width: 1px">
				<p class=MsoNormal align=center style='text-align:center'>(Exact Name of
Registrant as Specified in Its Charter)</p></div>
			</td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<p class=MsoNormal align=center style='text-align:center'>Delaware</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<div style="width: 732px; height: 8px; border-top-style: solid; border-top-width: 1px">
				<p class=MsoNormal align=center style='text-align:center'>(State or Other
Jurisdiction of Incorporation)</p></div>
			</td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp;</td>
		</tr>
		<tr>
			<td align="center">
			<p class=MsoNormal align=center style='text-align:center'>0-22388</p>
			</td>
			<td align="center">99-0273889</td>
		</tr>
		<tr>
			<td align="center" style="border-top: 1px solid #000000">(Commission
			File Number)</td>
			<td align="center" style="border-top: 1px solid #000000">(IRS
			Employer Identification No.)</td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp;</td>
		</tr>
		<tr>
			<td width="371" align="center">
			<p class=MsoNormal align=center style='text-align:center'>5565 Red Bird Center Drive, Suite 150, Dallas,
Texas&nbsp;</p></td>
			<td width="359" align="center">75237</td>
		</tr>
		<tr>
			<td width="371" align="center" style="border-top: 1px solid #000000">
			(Address of Principal Executive Offices) </td>
			<td width="359" align="center" style="border-top: 1px solid #000000">
			(Zip Code)</td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<p class=MsoNormal align=center style='text-align:center'>&nbsp;(214)
623-8446</p></td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<div style="width: 730px; height: 13px; border-top: 1px solid #000000">
				<p class=MsoNormal align=center style='text-align:center'>(Registrant's
Telephone Number, Including Area Code)</p></div>
			</td>
		</tr>
		<tr>
			<td colspan="2" align="center">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" align="center">
			<div style="width: 736px; height: 6px; border-top: 1px solid #000000">
				<p class=MsoNormal align=center style='text-align:center'>(Former Name or
Former Address, if Changed Since Last Report)</p></div>
			</td>
		</tr>
	</table>
</div>
<p class="MsoNormal" align="center">&nbsp;</p>
<p class="MsoNormal" align="center">&nbsp;</p>



<p class=MsoNormal>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</p>



<p class=MsoNormal>[_] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</p>



<p class=MsoNormal>[_] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</p>



<p class=MsoNormal>[_] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>



<p class=MsoNormal>[_] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

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<p class=MsoNormal><b>Item 1.01.&nbsp;&nbsp; Entry
into a Material Definitive Agreement.</b></p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>On February 28, 2005, Home Solutions of America, Inc.,
a Delaware corporation (the &quot;Company&quot;) entered into a Merger Agreement and Plan
of Reorganization with Cornerstone Building and Remodeling, Inc., a Florida
corporation (&quot;Cornerstone&quot;), and Anthony Leeber, Jr., the sole shareholder of
Cornerstone, whereby Cornerstone would become a wholly-owned subsidiary of the
Company by merging with and into Cornerstone Acquisition Corp. (&quot;CAC&quot;), a
to-be-formed wholly-owned subsidiary of the Company.&nbsp; The consideration that
Mr. Leeber would receive in such forward triangular merger consists of the
following: (i) $4,000,000 cash; (ii) an unsecured promissory note from CAC,
guaranteed by the Company, in the original principal amount of $2,000,000, convertible
into common stock of the Company at $1.65 per share, with quarterly payments of
interest only (7% per annum) for five years, and the principal due in a single
installment on March 31, 2010; and (iii) 2,470,588 shares of the Company's
common stock, which include certain registration rights.&nbsp; All of the
consideration except $500,000 of cash, which will remain in escrow for four
months as security for certain indemnification obligations, will be delivered
to Mr. Leeber at closing.&nbsp; Mr. Leeber would also receive earn-out payments
for each of the calendar years 2005, 2006, and 2007 if Cornerstone's EBITDA in
any
of those calendar years exceeds $2,400,000.&nbsp; Such earn-out payment would equal
30% of such excess amount, in general, or 50% under certain circumstances, and
would be paid in cash or stock, at the Company's option.&nbsp; The purchase price
will be reduced if the actual amounts of EBITDA, working capital, or long-term
debt as of the closing date differ from certain expected thresholds.&nbsp; Also, Mr.
Leeber will enter into a three-year employment agreement with Cornerstone,
through which he will continue to serve as Cornerstone's president, and Mr.
Leeber will be nominated to the Company's Board of Directors upon the closing
of this transaction.</p>



<p class=MsoNormal style='text-align:justify;text-justify:inter-ideograph'>The acquisition is expected to close prior to March
31, 2005, subject to the following conditions: (i) the Company must obtain at
least $6,500,000 of financing ($4,000,000 for the cash portion of the purchase
price and $2,500,000 for working capital to be injected into Cornerstone), on
terms satisfactory to the Company; (ii) Cornerstone and the Company must provide
each other with satisfactory disclosure schedules; and (iii) certain other
customary closing conditions must be satisfied.&nbsp; Although the Company believes
that it has identified a source of financing that would be required to
consummate this acquisition, such financing is still pending, and the Company
cannot provide any assurances that the conditions set forth in the preceding
sentence will be satisfied or that closing of this transaction will occur.</p>



<p class=MsoBodyTextFirstIndent2 style='margin-top:0in;margin-right:0in;
margin-bottom:24.0pt;margin-left:0in;text-align:justify;text-justify:inter-ideograph;
text-indent:0in'><b>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</b></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-align:justify;text-justify:inter-ideograph;text-indent:
-.25in'>(a)&nbsp;&nbsp;&nbsp;&nbsp; <i>Financial
statements of businesses acquired.</i></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'><a name="OLE_LINK1">None.</a></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.75in;text-indent:
-.25in'><i>(b)&nbsp;&nbsp;&nbsp;&nbsp;Pro forma
financial information.</i></p>

<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'>None.</p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:0.75in;text-indent:
-0.25in'><i>(c)&nbsp;&nbsp;&nbsp; Exhibits.</i></p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:0.75in;text-indent:
-0.25in'><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </i>None</p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'>&nbsp;</p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'>&nbsp;</p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'>&nbsp;</p>
<p class=MsoNormal style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;
margin-left:.5in;text-align:justify;text-justify:inter-ideograph;text-indent:
27.0pt'>&nbsp;</p>



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<p>&nbsp;</p>

<p class=MsoNormal align=center style='text-align:center'><b><u>SIGNATURE</u></b></p>



<p class=MsoNormal style='text-indent:.5in'>Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>



<p class=MsoNormal style="margin-left: 2.5in">Home Solutions of America, Inc.<br>
(Registrant)</p>
<p class=MsoNormal>&nbsp;</p>





<p class=MsoNormal style="margin-left: 2.5in">By:&nbsp;&nbsp; <u>/s/ Rick J. O'Brien&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rick
J. O'Brien<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer</p>
<p class=MsoNormal>Dated:&nbsp; March 2, 2005</p>



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[{"type": "8-K", "sequence": "1", "filename": "hom8k3-21.htm", "secsgml_size_bytes": 12199}]
{"company-data": {"conformed-name": "HOME SOLUTIONS OF AMERICA INC", "cik": "0000855424", "assigned-sic": "8741", "irs-number": "990273889", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31711", "film-number": "05654405"}, "business-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237", "phone": "2146238446"}, "mail-address": {"street1": "5565 RED BIRD CENTER DRIVE, SUITE 150", "street2": "-", "city": "DALLAS", "state": "TX", "zip": "75237"}, "former-company": [{"former-conformed-name": "NEXTGEN COMMUNICATIONS CORP", "date-changed": "20010814"}, {"former-conformed-name": "U S INDUSTRIAL SERVICES INC", "date-changed": "19980629"}, {"former-conformed-name": "EIF HOLDINGS INC", "date-changed": "19930621"}]}
Home Solutions of America, Inc. 8-K for 3-2-2005 by EDGAR2.com
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
			reported)
March
2, 2005 (February 28, 2005)
HOME SOLUTIONS
OF AMERICA,
INC.
(Exact Name of
Registrant as Specified in Its Charter)
Delaware
(State or Other
Jurisdiction of Incorporation)
0-22388
99-0273889
(Commission
			File Number)
(IRS
			Employer Identification No.)
5565 Red Bird Center Drive, Suite 150, Dallas,
Texas
75237
(Address of Principal Executive Offices)
(Zip Code)
(214)
623-8446
(Registrant's
Telephone Number, Including Area Code)
(Former Name or
Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[_] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01.   Entry
into a Material Definitive Agreement.
On February 28, 2005, Home Solutions of America, Inc.,
a Delaware corporation (the "Company") entered into a Merger Agreement and Plan
of Reorganization with Cornerstone Building and Remodeling, Inc., a Florida
corporation ("Cornerstone"), and Anthony Leeber, Jr., the sole shareholder of
Cornerstone, whereby Cornerstone would become a wholly-owned subsidiary of the
Company by merging with and into Cornerstone Acquisition Corp. ("CAC"), a
to-be-formed wholly-owned subsidiary of the Company.  The consideration that
Mr. Leeber would receive in such forward triangular merger consists of the
following: (i) $4,000,000 cash; (ii) an unsecured promissory note from CAC,
guaranteed by the Company, in the original principal amount of $2,000,000, convertible
into common stock of the Company at $1.65 per share, with quarterly payments of
interest only (7% per annum) for five years, and the principal due in a single
installment on March 31, 2010; and (iii) 2,470,588 shares of the Company's
common stock, which include certain registration rights.  All of the
consideration except $500,000 of cash, which will remain in escrow for four
months as security for certain indemnification obligations, will be delivered
to Mr. Leeber at closing.  Mr. Leeber would also receive earn-out payments
for each of the calendar years 2005, 2006, and 2007 if Cornerstone's EBITDA in
any
of those calendar years exceeds $2,400,000.  Such earn-out payment would equal
30% of such excess amount, in general, or 50% under certain circumstances, and
would be paid in cash or stock, at the Company's option.  The purchase price
will be reduced if the actual amounts of EBITDA, working capital, or long-term
debt as of the closing date differ from certain expected thresholds.  Also, Mr.
Leeber will enter into a three-year employment agreement with Cornerstone,
through which he will continue to serve as Cornerstone's president, and Mr.
Leeber will be nominated to the Company's Board of Directors upon the closing
of this transaction.
The acquisition is expected to close prior to March
31, 2005, subject to the following conditions: (i) the Company must obtain at
least $6,500,000 of financing ($4,000,000 for the cash portion of the purchase
price and $2,500,000 for working capital to be injected into Cornerstone), on
terms satisfactory to the Company; (ii) Cornerstone and the Company must provide
each other with satisfactory disclosure schedules; and (iii) certain other
customary closing conditions must be satisfied.  Although the Company believes
that it has identified a source of financing that would be required to
consummate this acquisition, such financing is still pending, and the Company
cannot provide any assurances that the conditions set forth in the preceding
sentence will be satisfied or that closing of this transaction will occur.
Item 9.01     Financial
Statements and Exhibits.
(a)
Financial
statements of businesses acquired.
None.
(b)    Pro forma
financial information.
None.
(c)    Exhibits.
None
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Home Solutions of America, Inc.
(Registrant)
By:
/s/ Rick J. O'Brien
Rick
J. O'Brien
Chief Financial Officer
Dated:  March 2, 2005