ACTION STAFFING UNDER NEW MANAGEMENT
ACTION STAFFING UNDER NEW MANAGEMENT TAMPA, Fla., Feb. 6 /PRNewswire/ -- Action Staffing, Inc.
(NASDAQ: ACTS), a Tampa-based employee leasing company, today announced the signing of an agreement with AMPAC Staffing, Inc., a newly formed company which is affiliated with Colorado-based American Pacific Industries, Inc. for AMPAC to manage the operations of Action Staffing.
The management agreement is effective immediately, and is to continue until the closing of a stock purchase agreement which is currently being negotiated by the parties. A letter of intent was signed by both parties on Jan. 21, 1992, pursuant to which it is presently contemplated that AMPAC will purchase 58 percent of Action Staffing's outstanding common shares, and up to 66-2/3 percent equity interest in Action Staffing if certain levels of profitability are achieved. "Action Staffing will benefit from the experience and supervision of AMPAC's management," said David Miller, chairman of Action Staffing. "The management agreement is all-inclusive in its operating scope, including supervision of marketing, sales, training and employment," Miller pointed out. He also stressed that the agreement calls for continuation of sound insurance practice and administration, for which Action Staffing's board of directors having an oversite function. The closing of the transaction is dependent upon a number of regulatory approvals as well as approvals by the directors and shareholders of both companies. The stock purchase agreement presently contemplates that the consideration to be paid for the 58 percent interest in Action Staffing must be sufficient to meet NASDAQ's new, maintenance listing criteria. Action Staffing has approximately 11,300 employees leased to over 600 clients, chiefly small-to-medium size companies or branches, in 34 states. Operating in a heavily regulated environment, it provides a wide range of employee benefits and human resource functions in its service to these organizations. -0- 2/6/92 /CONTACT: Luke D. Graham, vice president of Action Staffing, Inc., 813-623-5177/ (ACTS) CO: Action Staffing, Inc.; AMPAC Staffing, Inc. ST: Florida, Colorado IN: SU:
JJ-AW -- FL012 -- 7762 02/06/92 13:18 EST
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|Date:||Feb 6, 1992|
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