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ACTION STAFFING STATEMENT ON ACQUISITION OF GREAT OAKS FINANCIAL

 ACTION STAFFING STATEMENT ON ACQUISITION OF GREAT OAKS FINANCIAL
 TAMPA, Fla., Dec. 13 /PRNewswire/ -- Action Staffing, Inc. (NASDAQ: ACTS) announced that it had received written notification yesterday from the Florida Department of Insurance that its application to acquire 80 percent of the voting securities of Great Oaks Financial Corporation, a public company, was formally denied. The company will not file a petition to contest the Florida Department of Insurance's decision. Additionally, the company has also been advised that on Dec. 9, 1991, the Florida Department of Insurance was appointed as receiver for the purpose of liquidation of the consolidated assets of Great Oaks Financial Corporation pursuant to Chapter 631 of the Florida Statutes.
 Action Staffing, through its majority-owned publicly traded subsidiary, Kent Holdings, Ltd., had a substantial investment in Great Oaks Financial Corporation and one of its wholly owned subsidiaries, F.H.C. Acceptance Corp. While each of the company and Kent Holdings, Ltd. already expected to report a loss for the 1991 fiscal year ending Aug. 31, 1991, the liquidation of Great Oaks Financial Corporation will materially increase the size of such losses, although the extent of such increase is presently uncertain.
 Additionally, due to the fact that Action Staffing is unable at this time to ascertain the extent of the losses attributable to Great Oaks and is also still in the process of compiling certain information unrelated to Great Oaks necessary to complete its financial statements, neither the company nor Kent Holdings, Ltd. will file their respective annual reports on Form 10-K in a timely fashion.
 The company is engaged in employee leasing and has in excess of 618 commercial industrial clients with over 11,300 leased employees in 35 states. Kent Holdings, Ltd., through is wholly owned subsidiary Kent Capital, Ltd., is a provider of financial services primarily to small to medium sized companies.
 -0- 12/13/91
 /CONTACT: Lawrence Jones, president of Action Staffing, Inc., 813-623-5177/
 (ACTS) CO: Action Staffing; Great Oaks Financial; Kent Holdings ST: Florida IN: SU: TNM


SS-JJ -- FL008 -- 2504 12/13/91 16:19 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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