General Employment Enterprises, Inc. Announces Intent to Purchase Staffing Firm
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OAKBROOK TERRACE, Ill., Aug. 17 /PRNewswire-FirstCall/ -- General Employment
Enterprises, Inc. (NYSE Amex: JOB) announced today that it has signed a letter
of intent with WTS Acquisition Corp. ("WTS") to purchase 100% of the capital
stock of On-Site Services, Inc. ("On-Site"). On-Site is a temporary staffing
and payroll services company with annual revenues of approximately $10
million. The tentative transaction is subject to negotiating and entering
into a definitive acquisition agreement with WTS.
Commenting on the letter of intent, Ronald E. Heineman, CEO and President
said, "With the completion of our major restructuring plans implemented July
1st, we are very confident in our field and corporate team going forward. We
are executing on plans to grow organically and through acquisitions, and I am
happy to announce that we entered into a letter of intent with On-Site
Services. Our vision is to build a national Human Resource Outsourcing (HRO)
company with multiple product lines including permanent placement, temporary
staffing -- including light industrial, medical, information technology,
finance/accounting -- Professional Employment (PEO) services, Professional
Contractors and other products synergistic with the HRO platform. While still
a challenging economic environment, we are assessing many opportunities. The
letter of intent with On-Site Services includes normal due diligence with a
target closing of late fourth quarter 2009."
Business Information
General Employment provides professional staffing services, and specializes in
information technology, accounting and engineering placements.
The Company's business is highly dependent on national employment trends in
general and on the demand for professional staff in particular. Because
long-term contracts are not a significant part of the Company's business,
future results cannot be reliably predicted by considering past trends or by
extrapolating past results. Some of the factors that could affect the
Company's future performance include, but are not limited to, general business
conditions, the demand for the Company's services, competitive market
pressures, the ability of the Company to attract and retain qualified
personnel for regular full-time placement and contract assignments, the
possibility of incurring liability for the Company's business activities,
including the activities of contract employees and events affecting its
contract employees on client premises, and the ability of the Company to
attract and retain qualified corporate and branch management.
Forward-Looking Statements
The statements made in this press release which are not historical facts are
forward-looking statements. 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, 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.
Ronald E. Heineman, Chief Executive Officer and President of General
Employment Enterprises, Inc., +1-630-954-0416, fax, +1-630-954-0595,
invest@genp.com
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