General Employment Enterprises, Inc. Announces Special Meeting of Shareholders to...
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General Employment Enterprises, Inc. Announces Special Meeting of Shareholders
to Approve Share Sale to PSQ, LLC
OAKBROOK TERRACE, Ill., May 18 /PRNewswire-FirstCall/ -- General Employment
Enterprises, Inc. (NYSE Amex: JOB) today announced that a record date and a
special meeting date have been established for General Employment's
shareholders to consider and vote on the proposal to approve (i) the
previously announced sale by General Employment of 7,700,000 newly-issued
shares of its Common Stock to PSQ, LLC (the "Share Purchase") at a price of
$0.25 per share pursuant to a definitive securities purchase and tender offer
agreement entered into between General Employment and PSQ on March 30, 2009,
which provides for, among other things, the Share Purchase and the offer by
PSQ to acquire up to 2,500,000 shares of Common Stock from General
Employment's shareholders pursuant to a cash tender offer upon the terms and
conditions set forth in the agreement and (ii) the change of control that may
result from such Share Purchase.
General Employment's shareholders of record as of the close of May 15, 2009
are entitled to notice of the special meeting and to vote on the approval of
the Share Purchase and change of control that may result from such Share
Purchase. The special meeting is scheduled to be held on Monday, June 22,
2009 at 9:00 a.m., Chicago time. The definitive proxy statement for the
special meeting has been filed with the Securities and Exchange Commission
("SEC") and is first being mailed to shareholders on May 18, 2009. If the
Share Purchase is approved, the Share Purchase is expected to close promptly
following the special meeting, subject to satisfaction of other customary
closing conditions.
About General Employment
General Employment provides professional staffing services through a network
of 16 branch offices located in nine states, and specializes in information
technology, accounting and engineering placements.
Forward-Looking Statements
The statements made in this press release which are not historical facts are
forward-looking statements and, except for statements relating to the tender
offer described in this press release, are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements include
statements regarding the acquisition of shares pursuant to the share purchase
or the tender offer, the filing of documents and information with the SEC,
other future or anticipated matters regarding the transactions discussed in
this release and the timing of such matters. Such forward-looking statements
often contain or are prefaced by words such as "will" and "expect." As a
result of a number of factors, our actual results could differ materially from
those set forth in the forward-looking statements. Certain factors that might
cause our actual results to differ materially from those in the
forward-looking statements include, without limitation: (1) the risk that the
conditions to the closing of the tender offer or the share purchase set forth
in the securities purchase and tender offer agreement will not be satisfied,
(2) changes in General Employment's business during the period between the
date of this press release and the closing, (3) obtaining regulatory approvals
(if required) for the transaction, (4) the risk that the transactions will not
be consummated on the terms or timeline first announced, and (5) those factors
set forth under the heading "Forward-Looking Statements" in our annual report
on Form 10-KSB for the fiscal year ended September 30, 2008, and in our other
filings with the SEC. General Employment is under no obligation to (and
expressly disclaims any such obligation to) and does not intend to update or
alter its forward-looking statements whether as a result of new information,
future events or otherwise.
SOURCE General Employment Enterprises, Inc.
Herbert F. Imhoff, Jr., Chief Executive Officer and President of General
Employment Enterprises, Inc., +1-630-954-0495, Fax, +1-630-954-0595,
invest@genp.com
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