4/8/2008
Orange County Business Journal Staff
San Juan
Capistrano-based American Mold Guard Inc. is calling it quits after going
public a year and a half ago.
The homebuilding
downturn has hurt the company's business of treating new homes to prevent mold
and water damage, the company said Tuesday.
"We are saddened
and disappointed by the sudden discontinuation of American Mold Guard's
business operations," said Chief Executive Mark Davidson in a release.
The company, which was
dependent on struggling homebuilders, failed to raise money or find a new
business to stem its losses, the release said.
All of its offices have
closed, and its remaining employees have been laid off, according to the
release.
In 2006, American Mold
Guard raised $16.6 million in an initial public offering.
The hurricane-ravaged
Gulf Coast was seen as an opportunity for its chemicals that used baking soda
to prevent mold from growing on wood, concrete and other materials.
At the time it went
public it had 130 workers in 16 service centers across the country.
For the last 12 months
the company did $6.5 million in sales, though lost $5.7 million.
http://www.ocbj.com/article.asp?aID=76813056.7483005.1610947.09365602.7196665.361&aID2=123910
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