Printer Friendly


 PHOENIX, Aug. 12 /PRNewswire/ -- Employee Solutions Inc. announced today the public offering of 790,000 units, each consisting of one share of common stock and one warrant, at a price of $5.00 per unit. The offering is being made only by way of a prospectus available from the representative of the underwriters, Franklin Lord Inc. Of the units being offered, 600,000 are being sold by the company and 190,000 are being sold by certain stockholders. The company has also granted the underwriters an over-allotment option to purchase up to an additional 90,000 units for 45 days.
 The units, which trade on NASDAQ under the symbol ESOLU, had a closing bid price of $5.75 on the first day of trading. The warrants are exercisable at $7.50 per share for three years provided that the company can redeem the warrants for nominal consideration after 18 months.
 Employee Solutions Inc. provides external personnel administration services to small and mid-size companies. As the W-2 employer, ESI assumes all payroll responsibilities, tax reporting and payments of all payroll taxes. ESI also maintains numerous health insurance plans and other employee benefit plans. Because ESI can pool employees into larger groups, often better and lower cost health insurance becomes available to their client companies' workers.
 States ESI President and Chief Executive Officer Harvey A. Belfer: "ESI's goal is to offer consistently high-quality and personalized services to each of our client companies. The most dynamic growth segment of the American economy for the 1990s is the emergence of small business. ESI is positioned to offer off-site personnel administration services so that the business owner can concentrate on doing what they do best and leave the often complex and intricate areas of payroll, benefits and human resources to us."
 According to the industry trade organization, the National Staff Leasing Association, there are more than 1 million leased employees and an estimated 1,400 leasing firms nationwide. Employee leasing is growing at an approximate rate of 30 percent a year as small to mid-size businesses struggle to comply with changing state and federal tax reporting and spiraling healthcare cost for their workers.
 -0- 8/12/93
 /CONTACT: Todd P. Belfer, VP of ESI, 602-955-5556/

CO: Employee Solutions Inc. ST: Arizona IN: SU: OFR

JL-LM -- LA034 -- 2354 08/12/93 18:43 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters