Definition, Ltd. in Negotiations to Acquire Two Additional Professional Employee Organizations.Business Editors PALM SPRINGS, Calif.--(BUSINESS WIRE)--March 23, 2000 Donna Anderson President/CEO of Definition, Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DFNL) announced Thursday that negotiations are underway to acquire two additional Professional Employment Organizations (PEO's). The PEO's (also called Employee Leasing Companies) is a highly fragmented industry that is ripe for consolidation. 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 , the PEO recently acquired by Definition Ltd., is projecting revenue of $22-24 million in FY 2000, with a gross profit of approximately $1.3 million, or $.10 per share. If successful in acquiring two additional acquisitions, it will bring gross revenues to approximately $32 million. Definition, Ltd. will have an office in 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. , as the headquarters for the PEO division. Effective Monday, March 27, 2000, Definition, Ltd. is moving its corporate office to 120 St. Croix Avenue, Cocoa Beach, FL 32931. Phone: 321/799-3842, Fax: 321/799-9803. Additionally, the California office is moving into 3,100 Sq. Ft. of new space at 777 N. Palm Canyon Dr., STE STE Saint (French) STE Suite (US Postal Service) STE Societe (French: Society) STE Spanning Tree Explorer STE Software Test Engineer 200, Palm Springs, CA 92262. Phone: 760/325-1919, Fax: 760/325-1320. The new offices will provide ample room for growth. 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 involve 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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