WHITEHOUSE, N.J., March 19, 2003 (PRIMEZONE) -- AAMPRO GROUP, Inc. (OTCBB:AAPO) announced today that it entered into a definitive letter of intent to acquire a majority stake in HealthStaff International, Inc. ("HealthStaff").
HealthStaff is a provider of nurses and therapists to hospitals, nursing homes and medical facilities. HealthStaff recruits, certifies and trains nurses from the Philippines and sponsors their visas to work in the United States. HealthStaff is headquartered in New York and also operates offices in two cities in the Philippines.
The transaction was introduced in conjunction with its New York-based joint venture partner, Stratus Business Solutions, LLC ("Stratus") and is structured as a stock purchase utilizing stock options on an earn-out basis. Based on nurses currently under contract and full implementation, HealthStaff is projected to generate between $8 million and $10 million of revenue with approximately $1 million to pre-tax earnings.
Stephen Farkas, CEO exclaimed, "We are most excited about this complementary and synergistic acquisition as it will contribute to our growth. Furthermore, this acquisition provides additional captive business to our core PEO operations as all the healthcare staff will become employees of our joint venture PEO."
"AAMPRO is committed to increasing shareholder value and we are moving expeditiously to execute on our acquisition strategy in selective markets," stated CEO Farkas.
Sammy Dallal, President of HealthStaff declared, "We look forward to partnering with such an energetic company like AAMPRO as the public company platform will enable us to execute on our business plan and corporate growth."
About the Company:
The Company, through its subsidiary AAMPRO, Inc. ("AAMPRO"), primarily conducts its business operations as a professional employer organization ("PEO"). AAMPRO provides a broad range of services comprised primarily of employee leasing and human resources management. These services include payroll and benefits administration, health and workers' compensation insurance programs, state and federal labor compliance, tax filings, safety program design and management and other related services to small and medium-sized businesses nationally with a primary concentration in the tri-state (New York/New Jersey/Pennsylvania) region. AAMPRO was organized as a corporation in 1995 and has provided PEO services since inception.
AAMPRO's services are designed to improve the productivity and profitability of small and medium-sized businesses by relieving business owners and key executives of many employer-related administrative and regulatory burdens that enable them to focus on the core competencies of their businesses.
Forward-Looking Statements
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. All forward-looking statements are intended to be covered by the safe harbor created by Section 21E of the Securities Exchange Act of 1934.