CLEVELAND, May 2, 2008 (PRIME NEWSWIRE) -- SearchPath International (www.searchpath.com), a Cleveland-based franchisor of talent acquisition professional services firms that opened 60 offices in its first two and a half years, announced today its intent to become publicly traded. SearchPath expects to begin trading as a Securities and Exchange Commission-compliant and fully-reporting company on the OTC Bulletin Board market during the second half of 2008.
Last year, SearchPath International announced its 50th franchisee, making it one of the fastest-growing franchise opportunities. In order to continue this impressive growth rate and increase the benefits to its owners, the company has made the decision to begin offering its equities in a public market.
"The decision to go public was an easy one," said Chief Executive Officer, Tom Johnston. "We want to give our franchise owners access to performance-based equity compensation that allows them to share in our success as, together, we grow the company. Having secured the accountants and security attorneys and currently in negotiations with investment banking firms, we feel we have formed a team destined for success."
The company has hired the Cleveland-based securities law firm Margulies and Levinson to prepare the necessary securities filings to become publicly traded. The PCAOB accounting firm of Skoda Minotti has been retained to prepare the certified audited financial reports.
With the most competitive compensation plans in the recruiting industry and a revolutionary education platform, SPI provides earnings opportunities previously unavailable to experienced search consultants and executives who seek an entrepreneurial lifestyle.
SearchPath International intends to utilize its pubic equity program to build an organization based on teamwork and partnership. Its recruiters are among the top executive recruiters in the nation, each with extensive professional backgrounds in their particular field of recruitment.
"By becoming publicly traded, we will have the opportunity to award equity compensation to these individuals in order to attract and retain top talent in the staffing and recruiting industry," Johnston said, "and to attract the best talent in the search and franchising industry to our franchise support team to continue to build our world class organization." The equity plan will also allow franchise owners to offer equity to their employees.
About SearchPath International
Cleveland-based SearchPath International is the nation's fast-growing talent acquisition professional services firm, with more than 60 offices opened in its first 30 months. SPI was founded in September, 2005, by Thomas K. Johnston, a nationally-recognized search consultant who specializes in the human capital, staffing, and employer services industries. SPI redefines the way clients do business with recruiters by combining proven industry best practices with revolutionary concepts. SPI's unique ClientCentric approach includes a variety of service options that enable our organization to stand alone against our competition. In partnership with franchise owners, strategic partners, and its franchise support team, SearchPath International will become the premier, vertically-integrated provider of talent acquisition professional services. SPI can be found on the web at www.searchpath.com.