Consolidated Technology completes acquisition; Consolidated revenues now exceed $100 million on annualized basis.NEW YORK--(BUSINESS WIRE)--Nov. 22, 1994--Consolidated Technology Group Ltd. (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 :COTG), headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , said Tuesday it has acquired Job Shop Technical Services Inc., a privately held personnel and outsourcing firm with annual sales in excess of $40 million. With the completion of the acquisition total revenues for COTG have surpassed $100 million on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Based in Farmingdale, N.Y., with 8 offices nationwide, Job Shop Technical Services does business as International Technical Services ("ITS") providing critical project and/or staff engineers, designers and technical support to companies seeking a cost effective means to workforce flexibility. To acquire ITS, COTG issued 750,000 shares of common stock and, through a wholly-owned subsidiary, agreed to assume certain liabilities of approximately $2 million to be repaid over 21 months. For the year ended Dec. 31, 1993, ITS had annual revenues of $41.4 million and income from operations of approximately $425,381. For the nine months ended Sept. 30, 1994, ITS had revenues of approximately $32.7 million and a loss from operations of approximately $513,000. Lewis S. Schiller, chief executive officer of COTG, stated he believes the new management team, headed by Joseph G. Sicinski, can reduce and/or eliminate certain financing costs and other expenses which can enhance ITS's performance. Schiller indicated that the acquisition of ITS is an ideal complement to COTG's existing companies and should create several synergistic opportunities for current and future business. He also indicated that the acquisition represents a significant achievement in Consolidated Technology's acquisition program and growth strategy. Sicinski, the new president of ITS, has been an executive in the engineering and technical services business for over 30 years and is currently the creative force behind several of Consolidated Technology's existing companies. He was formerly executive vice president of Corporate Marketing with Interglobal Technical Services where he was responsible for business development in the fields of technical personnel, facility engineering and purchasing support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . Sicinski also served as president of Theil Inc., which provided a broad spectrum of engineering support services to the aerospace and electronics industry. Consolidated Technology Group Ltd., operates several businesses through its wholly owned and controlled subsidiaries, including: three dimensional imaging and digitizing "Digitizer" redirects here. For the computer device, see Digitizing tablet. For the digitizer in Tablet PC's, see Tablet PC. Digitizing or digitization , specialized vending, telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. , engineering services, outpatient diagnostic imaging services and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . CONTACT: Consolidated Technology Group Ltd., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
Lewis S. Schiller, 212/233-4500 or
Ira Weingarten, 805/897-1880 (Santa Barbara, Calif.)
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