TeamStaff Announces Revised Business Strategy; Chief Executive Officer to Step Down on Completion of Search For Successor

Tue Nov 3, 2009 4:15pm EST
 
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TeamStaff Announces Revised Business Strategy; Chief Executive Officer to Step
Down on Completion of Search For Successor



SOMERSET, N.J., Nov. 3 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq:
TSTF), a national provider of healthcare and administrative staffing services,
today announced that the Company has completed an in-depth strategic review of
its businesses in light of recent economic conditions, trends in government
spending, and changing dynamics in the healthcare market.  The analysis was
performed by a newly formed strategic planning committee of the board of
directors and the executive management team led by Rick J. Filippelli, the
Company's Chief Executive Officer, and with the assistance of two management
consulting firms.  Each business unit of the Company was evaluated for their
future prospects, and various initiatives to achieve sustainable earnings
growth were considered.  Based on this review, it was concluded that the
interests of the shareholders would be best served by focusing the Company's
resources on the development and expansion of the Company's core government
staffing subsidiary, TeamStaff Government Solutions. 

To implement this strategic shift in the Company's business plans, the board
and Mr. Filippelli mutually agreed that a change of leadership to an executive
with experience and relationships in the governmental services industry would
provide the new strategy with the best opportunity for success.  Accordingly,
Mr. Filippelli has elected to resign his position with TeamStaff effective at
the end of January 2010 and assist with the transition to a new Chief
Executive Officer.  The board has also created a search committee and retained
DHR International to identify potential candidates for Chief Executive
Officer.

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 GS and
TeamStaff Rx. 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. 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. 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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