COMSYS IT Partners, Inc. Announces Pricing of $33 Million Common Stock Offering.HOUSTON -- COMSYS IT Partners, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CITP (Certified Information Technology Professional) A specialty credential awarded by the AICPA to its CPA members who excel in the provision of technology-related business services. ), a leading information technology staffing services company, today announced that it priced a public offering of 3,000,000 shares of its common stock at $11.00 per share to the public. The public offering of the shares is expected to close on December 28, 2005. Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. acted as sole book running manager for the offering. COMSYS IT Partners, Inc. will use approximately $26.8 million of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering to redeem all of its outstanding 15% Series A-1 Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and the balance will be used for some or all of the following: acquisitions, working capital, repayment of existing indebtedness, capital expenditures and general corporate purposes. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities. The offering is being made only by means of a prospectus supplement, a copy of which may be obtained from the offices of Robert W. Baird & Co. Incorporated, 777 East Wisconsin Avenue, 28th Floor, Milwaukee, Wisconsin 53202-5391. An electronic copy of the prospectus supplement will be available on the Securities and Exchange Commission's website at http://www.sec.gov. About COMSYS IT Partners COMSYS IT Partners, Inc. (NASDAQ: CITP), a leading IT staffing and managed solutions company with 42 offices across the U.S. and an office in the U.K. Leveraging more than 30 years of experience, COMSYS has enhanced its core competency of IT staffing services by creating client-centric, cost-effective information system solutions. COMSYS' service offerings include contingent staff augmentation of IT professionals, permanent recruiting and placement, vendor management and project solutions including network design and management, offshore development, customized software development and maintenance, software globalization/localization translation services and implementation and upgrade services for SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. , business intelligence and various ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. packages. COMSYS serves primarily Fortune 500 clients in the financial services/insurance, telecommunications, energy, pharmaceutical and healthcare industries and government agencies. |
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