HANOVER, Md., Nov. 20, 2003 (PRIMEZONE) -- Humana Trans Services Holding Corporation (OTCBB:HTSC), a principally engaged firm involved in employee leasing and recruitment services, is pleased to announce that the asset acquisition of Corporate Program Administrators has been finalized. As part of the transaction, which was comprised of cash and stock, the CPA assets were merged into Humana National Program Administrators, a wholly owned subsidiary of Humana Trans Services.
The assets from Corporate Program Administrators are expected to create annual revenues of nearly $25 million. This deal adds significant credibility to our expansive growth plans. With the assets of CPA and the combined tenure of Humana National's executive team, the end result is improved services toward new and existing clientele. William Haines, formerly chief executive of CPA, will run the day-to-day affairs as President of the subsidiary under the direction of John Daly, the company's CEO.
"With the acquisition of Corporate Program Administrators and their vast knowledge of human resource administration, coupled with the talent and experience of the Humana Trans management team, we will advance our plans to become a fully-integrated human resource-based administration provider," said John Daly, the firm's chief executive officer. "Our main goal is to provide a greater level of service than has been previously provided. Together, with the proven management of Humana and the dedicated staff of our core operating subsidiaries, this is just the first step in coordinating different phases of the firm's business development."
Details of the acquisition and the firm's annual results for the fiscal year ended Sept. 30, 2003, are expected to be filed before Dec. 31, 2003.
About Humana Trans Services Holding
Humana Trans, with corporate headquarters in Hanover, Maryland, maintains a branch office in Pennsylvania. The firm is a principally engaged entity involved in employee leasing and recruitment services. Humana, through its operating subsidiaries, is focused on the transportation industry and currently operates in FIVE states. The company looks to grow its business internally or through strategic acquisitions. With the addition of assets from Corporate Program Administrators, Humana Trans Services will create a foundation to launch its next phase of administration services. Clients of the company include Cardinal Health, Owens & Minor, Penske Logistics, Royal Ahold (and several of its subsidiaries that includes Giant Food Stores) and Safeway. Humana has a proven management team that is comprised of veterans from Coach USA, U.S. Delivery and Deloitte and Touche.
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