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HOSPITAL STAFFING SERVICES TERMINATES PLANS TO ACQUIRE HOME HEALTHCARE COMPANIES

 HOSPITAL STAFFING SERVICES TERMINATES PLANS
 TO ACQUIRE HOME HEALTHCARE COMPANIES
 FORT LAUDERDALE, Fla., Nov. 11 /PRNewswire/ -- Hospital Staffing Services, Inc. (NYSE: HSS) today announced the termination of plans for the acquisition of VIP Health Services, Inc. and VIP Health Care Services.
 Commenting further, Ronald A. Cass, chairman of Hospital Staffing Services, noted, "Although our due diligence efforts verified the historical success of these two companies and indicated the likelihood for future success, regulatory approval from New York State with regard to the successful transfer of the intangible assets being acquired, including the various licenses, CONs and contracts, would have taken at least one year. We believe that such a delay would have resulted in a slower than acceptable return on investment.
 "Moving forward," Cass continued, "we intend to focus on our ongoing programs to stimulate and develop internal growth, particularly in those regions where we already possess a meaningful market share. As well, we are continuing to move ahead aggressively with our recently instituted program to develop management agreements with both hospital-based and free-standing home healthcare agencies. In fact, based on current indications, we expect this new business area to have a quicker return on investment than most presently available acquisition opportunities in the home healthcare industry. Nevertheless, acquisitions will continue to be a part of our growth strategy and will be reviewed individually as opportunities arise."
 Hospital Staffing Services, Inc. is a leading professional home healthcare services and recruitment organization specializing in the provision of nursing services to patients at home and in healthcare institutions through a national network of home healthcare offices, and the placement of medical personnel, on a temporary and interim basis, in hospitals and other health care facilities located throughout the United States, Canada, the Virgin Islands, and the United Kingdom.
 -0- 11/11/92
 /CONTACT: Ronald A. Cass of Hospital Staffing Services, 305-771-0500; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Hospital Staffing Services/
 (HSS) CO: Hospital Staffing Services, Inc. ST: Florida IN: HEA SU: TNM


JB-JB -- FL004 -- 9657 11/11/92 10:22 EST
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Publication:PR Newswire
Date:Nov 11, 1992
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