CINCINNATI, Feb. 23, 2006 (PRIMEZONE) -- Resolve Staffing, Inc. (OTCBB:RSFF) today announces that it is pursuing the application process for listing on the American Stock Exchange. The board of directors has agreed to apply for an Amex listing and Resolve has begun preparing the related documentation for review by the Exchange.
With the pending merger of ELS and Resolve, the Company should meet the requirements for listing on the exchange. Resolve is currently on track for $75 million in annualized Sales, not including additional organic growth and/or acquisitions. ELS' 2005 gross (non-GAAP) revenues were over $200 million, which equates to approximately $50 million in net (GAAP) revenues. After merging the two companies, Resolve Staffing will be on track for an estimated annualized revenue of approximately $125 million. Resolve anticipates the synergies resulting from the merger, as well as additional organic growth and acquisitions, will have a substantive positive impact on earnings going forward.
Ron Heineman, CEO of Resolve, stated, "In conjunction with the recently announced merger with ELS, it is Resolve's intention to apply for listing on the American Stock Exchange. Obtaining a listing on the Amex will be another exciting milestone in the growth and development of our Company as we continue to build a national human resource organization. We believe a listing on the Amex will increase our visibility and provide additional credibility within the financial and investment community. We feel this benefit will also create additional liquidity and make Resolve's shares available to a wider audience of potential investors, thus continuing to increase our shareholder value."
About Resolve Staffing, Inc.
Resolve Staffing is a national provider of outsourced human resource services. With 52 offices reaching from New York to California, the Company provides a full range of supplemental staffing and outsourced solutions, including solutions for temporary, temporary-to-hire, or direct hire staffing in the medical, trucking, garment, clerical, office administration, customer service, professional and light industrial categories. For additional information on Resolve Staffing visit our website www.resolvestaffing.com.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.