Kesselring Holding Corporation Files 10-QSB, Reduces Overhead With Management Restructuring and Corporate Office Relocation


SARASOTA, Fla., Feb. 15, 2008 (PRIME NEWSWIRE) -- Kesselring Holding Corporation (OTCBB:KSSH) announced today that it has filed its recent form 10-QSB with the Securities and Exchange Commission after its Board of Directors approved the appointment of new management.

The Company is required to file a form 10-QSB with the Securities and Exchange Commission 45 days after the end of its first fiscal quarter, December 31, 2007. This form summarizes the Company's results of operations for the first fiscal quarters of 2008 and 2007.

On February 5, 2008, Douglas P. Badertscher, Chief Executive Officer, was terminated by the Company but remains on the Board of Directors. Kenneth W. Craig, former Chief Executive Officer of the Company prior to Mr. Badertscher joining the Company on August 15, 2007, has reassumed the duties of CEO. Virgil L. Sandifer, Jr., Interim Chief Financial Officer, is stepping down but remains on the Board of Directors, and Charles B. Rockwood has been appointed as the new Chief Operating and Financial Officer of Kesselring Holding Corporation.

James Toomey has resigned from the Board of Directors, but will remain in an advisory role to the Company. In addition, Darryl Rosser has resigned from the Board of Directors.

"Some of these changes are the first steps that the company has recently taken to strengthen management and streamline our operations and Board of Directors," stated Chairman of the Board, Clifford H. Wildes. "We welcome the return of Mr. Craig as CEO and the addition of Mr. Rockwood as CO/FO. We express our gratitude for the contributions of Mr. Sandifer and Mr. Toomey, and look forward to ongoing work with Mr. Toomey in his advisory capacity to the company. His support of Kesselring during these difficult times has been invaluable."

Mr. Rockwood, new CO/FO, brings to Kesselring 19 years of finance and operating experience at both large public companies and small private companies in high growth and restructuring environments. He has demonstrated progressive success in financial accounting and reporting, financial, strategic and operational planning, M&A, business development, information technology, and human resources. "His wealth of experience will be beneficial through the restructuring and growth of Kesselring Holding Corporation as we rebuild shareholder value," Chairman Wildes said.

"I am excited to join the team and am confident we can return the Company to consistent profitability and growth. These overhead reductions are a good first step," stated Mr. Rockwood.

Kenneth Craig, newly appointed CEO, commented, "Our goal is to focus on our fiscal responsibility to our shareholders through reducing corporate overhead, and increasing profit margins at the subsidiary level. By moving our corporate offices in the very near future from the Lakewood Ranch area to Downtown Sarasota, we will be better positioned to manage the Company."

Kesselring Holding Corporation, dedicated to restoring the luster to America's commercial buildings, is proud of the fact that its subsidiaries have been independently operating since 1948 in the areas of restoration, construction, aluminum products, cabinetry, woodworking, and door and hardware materials. These companies include: Kesselring Construction Corporation, King Brothers Woodworking Inc., and King Door & Hardware Inc. With offices in Florida and Washington State, the companies provide skilled experience, customized project management, and a reputation for quality and integrity. For more information about Kesselring Holding Corporation or any of its subsidiaries, please visit www.KesselringHolding.com on the Web or call 941-953-5774.

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"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995

Statements about the expected future prospects of our business, statements about our outlook for internal revenue growth in 2007 and 2008, and all other statements in this release other than historical facts, constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Some of the factors that we believe could affect our results include: conditions in the restoration, construction and building products industries, change in interest rates, the impact of severe weather on the Company's restoration and construction operations, the effect of governmental regulation on the Company and other factors described from time to time in our filings with the Securities and Exchange Commission. The factors described in this paragraph and other factors may affect our business or future financial results. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.


            

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