MANALAPAN, N.J., Dec. 8, 2006 (PRIME NEWSWIRE) -- AccountAbilities, Inc. (Pink Sheets:ACBT), a provider of financial personnel staffing services, professional marketing services and management consulting services to CPA and other professional firms, reported today that Tri-State Employment Services, Inc., a national Professional Employment Organization ("PEO") and Staffing Firm has made an equity investment and agreed to purchase stock from certain stockholders which, when completed later this month, will result in Tri-State owning approximately 15% of the Company. The purchase price paid by Tri-State to the Company was $.40 per share.
Tri-State, founded in 1993, is a national PEO and Staffing Firm with annual revenues in excess of $500 million. AccountAbilities, as part of the equity investment, has offered a seat on their Board of Directors, which will be filled by Mr. Jay Schecter, General Counsel to Tri-State.
Robert Cassera, CEO of Tri-State Employment Services commented: "We are excited about our investment in AccountAbilities. We have been impressed with the Management team, their growth strategy and the potential synergies between our companies."
Allan Hartley, President of AccountAbilities, stated "Tri-State is a very strong and successful organization and we believe, not only their confidence, but their financial and industry expertise will be instrumental in helping AccountAbilities achieve its goals."
About AccountAbilities, Inc.
AccountAbilities is engaged in the Professional Staffing Industry providing accounting through its Accounting/Finance Division, and IT, Engineering and Scientific through its Technical Services Division. AccountAbilities, through its Partner on Premise Program, provides accounting (CPA) firms and professional firms and companies the opportunity to partner in AccountAbilities staffing network. The Company also offers productivity based staffing solutions through its Workforce Solutions Program. http://www.aabilities.com
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, changes in the market for professional staffing services, regulatory and technological changes, changes in levels of unemployment and other economic factors, increased competition, the ability to attract and retain customers, the availability of qualified candidates for placement by the Company and the possibility of the Company incurring liability for activities of the employees and contractors that it places with its customers. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement. The words "intend," "expect," "should," "project," "anticipate" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made.