Definition, Ltd. Defines Business and Opens Division Headquarters.Business Editors PALM SPRINGS, Calif.--(BUSINESS WIRE)--April 13, 2000 Definition, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DFNL) announced today the opening of their Executive Headquarters for the recently developed Professional Employment Organization (PEO) Division of the Company. The PEO Division was created after the successful acquisition of Interstate Management Services Corporation (IMSC IMSC Integrated Media Systems Center (University of Southern California) IMSC Information Management Steering Committee IMSC International Mobile Satellite Conference IMSC Interworking Mobile Switching Center ), a quality employment services specialist with $22 million in sales for 1999. Definition, Ltd. has opened their Headquarters to manage the operations of IMSC and function as the apex for acquiring similar business in this PEO industry. The new Headquarters will be located 9474 Kearny Villa Rd, Ste 205, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , CA. Executives on site at the Headquarters will be Russell Ferry, President of the PEO Division and Charles Cohen Based in the Philadelphia, Pennsylvania area, Charles Cohen has been creating music since 1971. Taking inspiration from free jazz pianist Cecil Taylor[1], his music is entirely improvisational and produced solely on a vintage Buchla Music Easel synthesizer, an extremely , Certified Financial Officer (CFO See Chief Financial Officer. ) of Definitions, Ltd. Definitions, Ltd. has ended all discussions on acquisitions outside of the PEO industry in order to focus on consolidating this $24 billion industry which remains widely independent. Current negotiations are underway with several independent PEO's. Donna Anderson, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Definition, Ltd., stated, "The interest from the PEO industry is strong, but we are proceeding carefully with each acquisition only looking to those companies who meet stringent guidelines before we enter the negotiation phase. Our objective is to add revenue and strength to Definition, Ltd. therefore only the best performers in this industry are under consideration." Estimated revenues from completed acquisitions currently under negotiations would generate an additional $100 million in sales to Definition, Ltd. by the end of the 4th quarter of FY 2000. Each acquisition will be announced individually when negotiations are completed. About the PEO Industry Professional Employment Organizations retain contracts with small to mid-size businesses offering a combination of services including; payroll, unemployment insurance, workman's compensation, group medical and dental insurance Dental insurance is insurance designed to pay the costs associated with dental care. Dental insurance pays a portion of the bills from dentists, hospitals, and other providers of dental services. . Small to mid-size business with PEO representation are afforded the benefits offered to larger business specifically in the medical, dental and group health insurance industry. Combined PEO revenues reached an estimated $24 billion in 1998 with growth projections to $185 billion in ten years. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. business analysts and trade groups, there are approximately 2500 active PEO's in the United States and 49 million people currently employed by businesses with 500 or less employees. These small to mid-size business are potential clients for PEO's and their respective fee-based services. About Definition, Ltd. Definition, Ltd. is an active acquisition company recently directed in the Professional Employment Services Industry. The Company intends to focus its management and operations on acquisitioning and consolidating the $24 billion PEO industry and operations of each acquired PEO's. The Executive Headquarters are in San Diego California. Forward Looking Statement: Except for historical matter contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements reflect assumptions and invoke risks and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements. |
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