New Acquistions are Complete <NEWS>
Tuesday March 24, 9:01 am Eastern Time
Company Press Release
Headway Corporate Resources, Inc. Completes Three Acquisitions
Expands Geographically and Increases Information Technology Presence
NEW YORK--(BUSINESS WIRE)--March 24, 1998--Headway Corporate Resources, Inc. (NASDAQ:HDWY -
news) today announced that it has completed the acquisitions of three staffing companies in California, Connecticut and
Southern Virginia, adding over $30 million to the company's annual revenue run-rate, bringing the total run-rate to over
$215 million.
The acquisitions include: Cheney Associates and Cheney Consulting Group, an information technology staffing company
based in New Haven, Connecticut; Shore Resources, Inc. a Los Angeles-based provider of information technology and
high-end clerical staffing services, primarily to the financial services industry; and the Southern Virginia offices of Select
Staffing Services, Inc., a provider of temporary staffing services.
''These acquisitions will significantly enhance the Company's market position in three of our target regions, California, the
Southeast and New England,'' said Gary Goldstein, chairman and chief executive officer of Headway Corporate
Resources, Inc. ''In addition, they will increase the Company's presence in the information technology staffing segment,
one of the Company's primary areas of focus,'' Goldstein added.
''We are pleased to be putting the proceeds of our recently completed $105 million financing to use. This is the largest
financing in the Company's history and it has given us substantial resources to complete these and future acquisitions,'' said
Barry Roseman, President and Chief Operating Officer of Headway Corporate Resources, Inc.
The company has completed twelve acquisitions in six states since embarking upon its consolidation strategy two years
ago, and is in negotiations with several additional acquisition candidates.
Headway Corporate Resources Inc. is a leading provider of human resources, specializing in the financial services
industry. Headquartered in New York City, Headway Corporate Resources also has offices in North Carolina,
California, Connecticut, United Kingdom, Japan, Hong Kong and Singapore.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information
contained herein, the matters discussed in this press release are forward-looking statements that involve risks and
uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the
company's operations, markets, products and prices, and other factors discussed in the company's various filings with the
Securities and Exchange Commission, including without limitation the Registration Statement of Form S-3 (Registration
No. 333-08615).
Contact:
Headway Corporate Resources Inc., New York
Julie Risi, 212/508-3520
or
Strategic Growth International Inc., Great Neck
Don Weinberger/Richard Cooper
516/829-7111
More Quotes and News:
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