STAFFMARK, INC. ACQUIRES TECHNOLOGY SOURCE.FAYETTEVILLE, Ark.--(BUSINESS WIRE)--Dec. 2, 1996--StaffMark, Inc. (Nasdaq/NM:STAF STAF Software Testing Automation Framework STAF Simulation/Test Acceptance Facility STAF Systems Technical Applications Facility STAF Space-Time Adaptive Filtering STAF Security-PRO Transition Analysis Facility STAF Strobe a Flag ), a diversified diversified (di·verˑ·s personnel staffing company, announced today that it has completed the acquisition of Technology Source, an information technology staffing company located in St. Louis, Missouri Missouri, state, United States Missouri (mĭz r`ē, –ə), one of the midwestern states of the United States. . Technology Source will be accounted for as an asset purchase, and the Company expects this acquisition to have a positive impact on 1997 EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. . The unaudited revenues for Technology Source for fiscal 1996 are expected to be approximately $7 million. Terms of the transaction were not announced. "This is our first acquisition since becoming a public company on October 2, 1996," said Clete T. Brewer, chief executive officer of StaffMark. "We are extremely pleased to begin our acquisition strategy with such a high quality company. Information technology is the fastest growing sector in the staffing industry, and we feel Technology Source is one of the leading companies in that field. A Microsoft Solution Provider, Technology Source provides staffing solutions for information systems. This group provides qualified professionals to clients with expertise in client/server applications, local and wide area networks, common office environment and desktop support, documentation and technical writings, project management, and project coordination. Technology Solutions provides excellent growth opportunities as we expand in information technology services. Through our acquisition strategy, we plan to eventually offer information technology services throughout all of StaffMark's regions. "Technology Source will be managed by Fred Sussman, founder and president, and is well-established with its customers, which include several Fortune 500 companies. One of the main attractions for us was the success of Technology Source and the reputation of Fred Sussman and his management team. We look forward to their leadership and guidance as we continue to develop information technology staffing services in other regions of StaffMark," Mr. Brewer concluded. StaffMark, Inc. is a provider of diversified staffing services to businesses, medical niches, professional and service organizations, and governmental agencies, primarily in growth markets in the southeastern and southwestern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company operates 92 branches located in Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , Colorado, Georgia, Missouri, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Oklahoma, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Tennessee, and Virginia. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve risk and uncertainties with respect to growth opportunities and their impact on 1997 earnings. The Company's actual results could differ materially from the results anticipated in these forward-looking statements as a result of loss of existing customers, loss of key management, unexpected costs, or operational problems and those certain risk factors set forth under Risk Factors and elsewhere in the Company's Prospectus dated September 26, 1996, made under the Securities and Exchange Act of 1934. CONTACT: StaffMark, Inc., Fayetteville Clete T. Brewer, 501/973-6018 Terry C. Bellora, 501/973-6084 |
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