NEW YORK and LONDON, Sept. 20, 2005 (PRIMEZONE) -- CRSI Group, Inc (Pink Sheets:CRSX), an innovator in the development of recruitment and support solutions for international and foreign trained nurses wishing to work in U.S. hospitals and health care facilities, announced today that the company has entered into a Heads of Terms Agreement to acquire 100% of Amber Nursing Services Ltd. ("Amber") for a cash price of 200,000 Pounds (approximately US$400,000). The Heads of Terms Agreement is the equivalent of a letter of intent that binds the parties only to act in good faith.
CRSX and Amber have agreed to use their best efforts to negotiate in good faith and execute a comprehensive acquisition agreement within 120 days. The transaction is subject to the approval of the CRSX Board of Directors and satisfactory due diligence. Closing will also depend on whether CRSX is successful in obtaining the capital necessary to fund the acquisition and subsequent operations of Amber.
Established in 1999, Amber Nursing Services Ltd. is a provider of qualified care staffing personnel (known as home health aides in the U.S.), nurses, and specialized medical personnel to nursing homes, residential care homes, hospices and other areas of healthcare in the Northwest area of the United Kingdom. Amber meets the needs of private patients, community care and nursing homes
"This acquisition will be an important milestone for CRSX," said Jeremy P. Feakins, CRSX Chairman and CEO. "Central to our business plan is our strategy of recruiting nursing staff from European countries. This acquisition will allow the nurses that we recruit to work for our company in the U.K. while continuing their professional and English language training."
The Nursing and Care Staffing sector is fast growing in the United Kingdom along with an aging population that relies on the Care Staffing sector for medical and care assistance. By carefully selecting a leading, localized Care Staffing company and supplier to the sector, CRSX will take full advantage of the cash flow generated from an operational company while expanding its future operations in line with its business model.
About CRSI:
CRSI Group, Inc. ("CRSX" or "the Company") operates through Care Recruitment Solutions International, Inc ("CRSI") and the World Nursing Corps. ("WNC)
CRSI is an international nurse and medical personnel staffing and recruiting company focused on the sourcing and placement of foreign-trained nurses, health caregivers and other medical personnel for US hospitals and other health care facilities. CRSI sources quality fully trained and experienced nurses and other medical staff from selected foreign countries and qualifies them in the UK for employment primarily for the nursing profession in the USA. While completing their training and taking the US Nurse Licensing Exam (NCLEX-RN) in the UK and completing immigration formalities, CRSI utilizes the services of these nurses through CRSI-owned nursing and care staffing agencies in the UK, thus generating immediate revenues for the Company. CRSI's international headquarters are located in New York City, New York, USA, and its European Headquarters and Operations Center are located in London, UK.
World Nursing Corps ("WNC"), a wholly-owned subsidiary of CRSI, is a resource and support organization providing a global compassionate support system for WNC Member Nurses placed in a new country. Free membership in WNC is limited to staff that passes through CRSI's recruiting process and have been approved and placed in a position in the USA or any other country. Other levels of membership are available to all nurses and medical personnel worldwide for a token membership fee. Through the WNC Partner Program, WNC offers a range of services to nurses including goods, services and financial products such as mortgages, car loans, branded credit card, insurance as well as managing domestic arrangements for immigrant nurses and their families when relocating to a foreign country. World Nursing Corps is headquartered in New York City, with European offices planned for Geneva and London, UK
For more information about CRSX please visit our website at: http://www.carerecruitmentsolutions.com
Note: This press release contains certain "forward-looking statements," as such term is defined in the Private Securities Litigation Reform Act of 1995, and information relating to the Company and its subsidiaries that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Management's expectations regarding the future may prove to be inaccurate, due to factors beyond Management's control, such as competitive factors, general economic conditions, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, seasonality, the schedule of product introductions and acceptance, technological change and changes in industry practices. Should any one or more of these risks or uncertainties materialize, or should any assumption underlying Management's forward-looking statements prove incorrect, actual results may vary materially from those suggested in this press release.