MANALAPAN, N.J., March 15, 2005 (PRIMEZONE) -- Stratus Services Group, Inc., the SMARTSolutions(tm) Company (OTCBB:SSVG), announced today that it executed on March 2, 2005 an Asset Purchase Agreement, effective March 7, 2005, to purchase the clerical and light industrial staffing business of three (3) offices of TeamOne Personnel Solutions, LLC ("TeamOne"). The purchase covered the assets of TeamOne's branch offices in Napa, California, Cotati, California and Fairfield, California.
This acquisition of certain assets of TeamOne builds upon and strengthens Stratus' presence in the Northern California/Sacramento region. Stratus currently operates branch offices in Fairfield, California (which will be combined with the TeamOne Fairfield, California branch), and also in Hayward, California and Sacramento, California.
Commenting on the acquisition, Joseph J. Raymond, Chairman & CEO, said, "The completion of this acquisition is in accordance with our plan to complete acquisitions that are seamless and that integrate into our operations. This acquisition will be seamless and integrate into our Northern California operations and will be accretive to earnings."
Stratus is a national provider of business productivity consulting and staffing services through a network of twenty-nine offices in seven states. Through its SMARTSolutions(tm) technology, Stratus provides a structured program to monitor and reduce the cost of a customer's labor resources. Through its Stratus Technology Services, LLC joint venture, the Company provides a broad range of information technology staffing and project consulting.
This news release includes forward-looking statements within the meaning of the federal securities laws that are subject to risks and uncertainties. Factors that could cause the Company's actual results and financial condition to differ from the Company's expectations include, but are not limited to, a change in economic conditions that adversely affects the level of demand for the Company's services, competitive market and pricing pressures, the availability of qualified temporary workers, the ability of the Company to manage growth through improved information systems and the training and retention of new staff, and government regulations.