Diversified Product Inspections, Inc. Closes on Purchase of New Headquarters Building
OAK RIDGE, Tenn. — Diversified Product Inspections, Inc. (OTCBB:DPRI), a provider of independent product failure analysis, air contamination and fire investigations for the insurance industry announced that DPI has closed on a building that will be the company’s new headquarters.
John VanZyll, president and CEO, stated that, “DPI is pleased to announce that we have closed on the purchase of a 45,000 square foot building for $800,000 that will serve as our new headquarters. The building is in Oliver Springs, Tennessee which is located five miles from our current Oak Ridge leased location. This asset will allow for increased laboratory/inspection area, storage area, video/audio studio (for audio and video streaming on the DPI web site), and increased space for our information technology department. The building also contains various size conference rooms and a 300 seat auditorium that we plan to use for training of adjusters, and eventually for agents for the Vulnerability Assessment Group (VAG), our new joint venture.
“During January 2005 we will be moving from our present location and plan to be fully operational at the new location by February 1, 2005. We will also have the opportunity to lease out up to 8,000 square feet of office space located in a section of the building that has its own separate entrance. We already have some potential tenants for part of this space. The building appraised for $1.6 million which allowed us to finance the entire purchase price.”
About Diversified Product Inspections, Inc. (www.dpi-inc.com)
Launched in 1991 and headquartered in Oak Ridge, Tenn., Diversified Product Inspections, Inc. provides expertise and unbiased, independent investigations on product failures, air contamination and fire investigations of all multi-billion dollar markets which directly impact three groups: the insurance industry, manufacturers and consumers. In addition, DPI has developed an array of comprehensive services for these three targeted groups, giving the company the ability to better inform consumers of defective products and recalls (http://www.homechecksafety.com), improve quality control processes with manufacturers and work with the insurance industry to recover funds via subrogation – a process whereby the insurer enforces its right to recoup from any third party that caused the loss on behalf of the policyholder.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. The words “believe,” “expect,” “anticipate” and “project,” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include, but not be limited to, projections of revenues, income or loss, expenses, plans, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described in forward-looking statements.
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