SAN DIEGO, Nov. 8, 2006 (PRIMEZONE) -- American Mold Guard (Nasdaq:AMGI), the nation's leading mold prevention company, is near completion on a multifamily luxury condominium project developed by Intracorp, one of the largest multifamily developers in the Western United States, to protect the building against microbial infestation and mold.
The project, Park Terrace in San Diego, California, consists of 2 buildings -- an eight-story concrete structure and a 14-story concrete structure. They include 223 condominium units for sale with a three-level underground parking structure, and 21,000 square feet of retail space located in San Diego's East Village district. Known for its attention to quality, Intracorp wanted to incorporate the latest in mold prevention practices to assure that both its investment and residents would not be impacted by the financial and health issues related to mold.
"We want to build better, healthier homes using mold prevention products, like that of American Mold Guard," said Sergio Sandoval, Senior Project manager at Intracorp. "Because we understand the potential financial impact of mold infestation, using a mold prevention protocol was an easy decision to make."
Until recently, multifamily developers had remediation as their only option to clean up mold after it occurred. And because of the financial costs associated with clean-ups and possible liability, many of these same properties lost their value.
"Many multifamily builders are now going the extra mile to assure developers and owners that their new buildings will not meet the same fate," said Nik Heisinger, Vice President/California Region of American Mold Guard. "Now, when general contractors and owners discuss costs, they have begun to take into consideration the life cycle costs, not just the initial costs to build."
American Mold Guard will protect all wall cavities, the back-side of drywall prior to installation and will treat the interiors of each condo unit prior to move-in.
American Mold Guard helps multifamily developers and REITs differentiate themselves from their competition. Prior to the hanging of interior drywall, AMG ensures that all structural surfaces are free from mold and then applies their antimicrobial coating to protect the structure from future mold growth. Additionally, AMG performs a comprehensive inspection after treating a structure, and warrants the building against future mold contamination.
The AMG warranty is address-specific and transferable to the home owner, helping mitigate liability for builders. Since most homeowners can no longer get mold coverage through their traditional property insurance, the AMG warranty provides a welcome financial incentive and assurance their home is protected.
The peace of mind offered to buyers from the AMG guarantee may be the reason why American Mold Guard's services are used by many of the nation's leading builders, including DR Horton, Lennar, Standard Pacific, BOSA Development, The Olson Group, Warmington and Sares-Regis Group.
About American Mold Guard:
American Mold Guard, Inc. (Nasdaq:AMGI), founded in 2002, is the industry leader in the field of mold prevention services. Its services are primarily focused on the residential real estate construction industry in California, Texas, Louisiana, Mississippi and Florida, with active expansion throughout the United States. Its customers include many of the largest national and regional home builders. Visit: www.americanmoldguard.com.
The American Mold Guard Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2964
RedChip Companies
Sanford Diday
407-644-4256
sanford@redchip.com
American Mold Guard
Investor Relations
Paul Bowman, Chief Financial Officer
(949) 240-5144
pbowman@americanmoldguard.com