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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