ACTION STAFFING TERMINATES STOCK PURCHASE AGREEMENT
ACTION STAFFING TERMINATES STOCK PURCHASE AGREEMENT TAMPA, Fla., March 13 /PRNewswire/ -- Action Staffing, Inc.
(NASDAQ: ACTS), a Tampa-based employee leasing company, today announced the termination of its Stock Purchase Agreement with American Pacific Industries, Inc. ("AMPAC") wherein AMPAC was to acquire a 58 percent interest in Action, subject to ratification and approval of banks, insurance companies and governmental agencies.
Commenting on the termination, David Miller, Action's chairman, stated, "On March 11, 1992, I received notice from two of our principal banks and one insurance company that they had declined to approve the transaction with AMPAC, and therefore, had no choice but to terminate the agreement." Regarding Action's financial difficulties, Miller stated, "We expect to announce next week the appointment of a general manager to oversee the day-to-day affairs of the company and assist in formulating a management team. Moreover, we have received the expected $1 million tax refund and expect to announce a new health insurance and workers' compensation insurance program in the coming weeks. The board is working diligently to solve the company's current problems and preserve shareholder value for the future." -0- 3/13/92 /CONTACT: Action Staffing, Inc., 813-623-5177/ (ACTS) CO: Action Staffing, Inc.; American Pacific Industries, Inc. ST: Florida IN: SU:
AW-SS -- FL009 -- 7929 03/13/92 16:11 EST
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|Date:||Mar 13, 1992|
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