TeamStaff Announces Intent to Transfer to Nasdaq Capital Market

Fri Oct 23, 2009 12:48pm EDT
 
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SOMERSET, N.J., Oct. 23 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq:
TSTF), a national provider of healthcare and administrative staffing services,
today announced that it intends to file an application to transfer the listing
of its common stock from the Nasdaq Global Market to the Nasdaq Capital
Market.  As previously announced, on September 15, 2009 the Company received
notification from The Nasdaq Stock Market of non-compliance with the continued
listing standards of The Nasdaq Global Market, stating that for the last 30
consecutive trading days, the Company's common stock has not maintained a
minimum market value of publicly held shares ("MVPHS") of $5,000,000 as
required for continued inclusion on the Nasdaq Global Market.


After considering alternatives and in the interest of providing our
stockholders with the benefit of continued listing on the Nasdaq system, the
Company has decided to request the transfer of the listing of its common stock
to The Nasdaq Capital Market. The Company intends to file a transfer
application as soon as practicable. The Company believes, based on
quantitative data available at this time, that it satisfies the applicable
quantitative continuing listing requirements for inclusion in The Nasdaq
Capital Market. If Nasdaq approves the transfer application, the transfer is
expected to occur approximately nine calendar days following Nasdaq's receipt
of the completed transfer application.  The Company will inform the public of
Nasdaq's decision once received.  However, there can be no assurance that the
Company's transfer application will be approved. If it is not approved, the
Company would consider alternatives at that time.  


The Nasdaq Capital Market is a continuous trading market that operates in
substantially the same manner as the Nasdaq Global Market.  Companies with
securities listed on the Nasdaq Capital Market must satisfy certain financial
requirements and adhere to Nasdaq's corporate governance standards. Upon
approval and following transfer to the Nasdaq Capital Market, the Company's
shares are expected to continue to trade under the symbol "TSTF".


About TeamStaff, Inc.


Headquartered in Somerset, New Jersey, TeamStaff serves clients and their
employees throughout the United States as a full-service provider of medical
and administrative staffing through its two subsidiaries, TeamStaff Rx and
TeamStaff GS. TeamStaff Rx is a leading provider of travel nursing and travel
allied healthcare professionals. TeamStaff Rx operates throughout the U.S. and
specializes in the supply of travel allied medical employees and travel nurses
typically placed on 13 week assignments. TeamStaff GS specializes in providing
medical, logistic, information technology and office administration
professionals through nationwide Federal Supply Schedule contracts with both
the United States General Services Administration and the United States
Department of Veterans Affairs. For more information, visit the TeamStaff web
site at www.teamstaff.com. 


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995:
This press release contains "forward-looking statements" as defined by the
Federal Securities Laws. Statements in this press release regarding TeamStaff,
Inc.'s business, which are not historical facts are "forward-looking
statements" that involve risks and uncertainties. These forward-looking
statements are based on the Company's expectations and are subject to risks
and uncertainties that cannot be predicted or quantified and are beyond the
Company's control, including the potential that (1) the Company may not
achieve compliance with the Nasdaq MVPHS requirement for continued listing on
the Nasdaq Global Market, (2) the Company may be considered below criteria
with respect to other continued listing standards of the Nasdaq Stock Market,
and (3) that a transfer to the Nasdaq Capital Market, if requested, may not be
approved. TeamStaff's actual results could differ materially from those
described in such forward-looking statements as a result of certain risk
factors and uncertainties, including but not limited to: our ability to
continue to recruit and retain qualified temporary and permanent healthcare
professionals and administrative staff on acceptable terms; our ability to
enter into contracts with hospitals, healthcare facility clients, affiliated
healthcare networks, physician practice groups, government agencies and other
customers on terms attractive to us and to secure orders related to those
contracts; changes in the timing of customer orders for placement of temporary
and permanent healthcare professionals and administrative staff; the overall
level of demand for our services; our ability to successfully implement our
strategic growth, acquisition and integration strategies; the effect of
existing or future government legislation and regulation; the loss of key
officers and management personnel that could adversely affect our ability to
remain competitive; other regulatory and tax developments; and the effect of
other events and important factors disclosed previously and from time-to-time
in TeamStaff's filings with the U.S. Securities Exchange Commission. For a
discussion of such risks and uncertainties which could cause actual results to
differ from those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the most recently
ended fiscal year and its other filings with the SEC. The information in this
release should be considered accurate only as of the date of the release.
TeamStaff expressly disclaims any current intention to update any forecasts,
estimates or other forward-looking statements contained in this press release.



SOURCE  TeamStaff, Inc.

Rick Filippelli, President and CEO, TeamStaff, Inc., 1-866-352-5304; or Donald
C. Weinberger, don@wolfeaxelrod.com , or Diana Bittner (media),
diana@wolfeaxelrod.com, both of Wolfe Axelrod Weinberger Associates, LLC,
+1-212-370-4500

 

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