MANALAPAN, N.J., March 15, 2007 (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, announced today that it has executed an Asset Purchase Agreement for ReStaff Services, Inc., d/b/a Staffing.Com, a northern California Staffing Company.
The Company noted that the acquisition expands and strengthens AccountAbilities' presence in the contract staffing fields, particularly in Northern California.
Commenting on the Acquisition, Mark Levine, Chief Operating Officer of AccountAbilities, stated, "Staffing.Com is a well-run staffing firm with a great management team, all remaining with the sale. Revenues for Staffing.Com for 2006 were approximately $20 million. Staffing.Com will position us to expand our contract staffing services and position us strategically to grow our business throughout the Western United States."
Allan Hartley, President of AccountAbilities stated, "We continue to build our company organically as well as through acquisitions. With the Staffing.Com acquisition, it should push our annual run rate up in excess of $75 million in revenues. We continue to see strong acquisition opportunities in the marketplace as well as strong interest in our CPA Partnership on Premise Program."
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.