HANOVER, Md., May 26, 2004 (PRIMEZONE) -- Humana Trans Services Holding Corporation (OTCBB:HTSC) (http://www.humanaservices.com), a firm principally engaged in employee leasing and recruitment services, announces that it has agreed to acquire Lorimar Home Care & Staffing Services, Inc. of Old Forge, Pennsylvania. Humana and Lorimar have entered into a Memorandum of Understanding to purchase the common stock as soon as practicable. The purchase price is to be valued at $225,000 worth of common stock of Humana.
Lorimar is a staffing company in the healthcare field. It is currently a client of Humana. The operations of Lorimar are similar to Humana's Maryland Operations, which have higher gross profit than standard PEO service companies. Lorimar operates in the Northeast Pennsylvania area, which they believe is the second fastest growing retirement area, only to Florida. Accordingly, the need for health care staffing should remain strong in the future.
The Memorandum calls for a closing to be completed by August 30, 2004, and may only be extended mutually, in writing for 30 days.
John Daly, President of Humana stated, "The addition of Lorimar will allow Humana to increase its staffing business in an area with great growth potential. Since they are already a client, the seamless transition will benefit both parties."
Safe-Harbor Statement
Certain statements in this communication constitute "forward-looking" statements that involve a number of known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any results, performances or achievements express or implied by such forward-looking statements. Undue reference should not be placed on these forward-looking statements, which speak only as of the date thereof. We undertake no obligation to update any forward-looking statements.