CLEVELAND, March 25, 2010 (GLOBE NEWSWIRE) -- SearchPath HCS, Inc. (Pink Sheets:SRCP) a Human Capital Solutions Company, announced today that the Company anticipates an increase in its franchise sales and recruiting activity as a result of new healthcare legislation passed by the U.S. House of Representatives on March 21, 2010.
The Company believes the new legislation contains both short and long-term provisions that will encourage Americans who would like to explore new job opportunities, but have not due to a high risk that their health insurance coverage will be discontinued or interrupted, to do so. SearchPath HCS specifically cites the provision that allows people with pre-existing conditions to purchase insurance from a new high-risk pool that have capped individual and family out-of-pocket costs until 2014, when insurance companies will no longer be able to refuse applicants with pre-existing health problems.
According to the SearchPath HCS, up to 20% of the Company's target candidate pool has been dormant in job searching strictly because of healthcare related concerns, primarily pre-existing medical conditions.
"We expect to see a trend of significant long term growth in the talent and recruiting industry as a whole due to the healthcare legislation that was just passed in addition to the organic growth that is already forecasted due to the U.S. economic recovery. SearchPath specifically anticipates experiencing short-term benefits such as an increase in the number of professionals, both young and old, interested in becoming a franchise owner and working for themselves," commented CEO of SearchPath HCS, Inc., Thomas K. Johnston.
"Due to this paradigm shift in healthcare, this will be much more feasible as young entrepreneurs can now be covered under their parents' policies until they are 26, providing them freedom from having to take a corporate job that is not ideal due to health coverage. Older Americans with pre-existing conditions will have more freedom to pursue business ownership without the risk of not having healthcare coverage for their families," continued Johnston.
About Search Path HCS, Inc.
SearchPath HCS, Inc. www.searchpathhcs.com is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) www.searchpath.com. SPI is a U.S.-based talent acquisition professional services firm, with more than 75 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words "believes,'' "expects,'' "given,'' "targets,'' "intends,'' "anticipates, "plans,'' "projects,'' "forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.