Will impact cash, but will help the dilution.
Monday August 2, 9:44 am Eastern Time
Company Press Release
Teamstaff, Inc. Begins Stock Repurchase
SOMERSET, N.J.,--(BUSINESS WIRE)--Aug. 2, 1999--TeamStaff, Inc. (NASDAQ: TSTF - news), one of
the nation's top 15 Professional Employee Organizations (PEO), announced today it received authorization from its Board of Directors and
permission from FINOVA Capital Corporation (''FINOVA''), its financial lender, to begin a program of buying back its stock in the open market.
Mr. Donald W. Kappauf, TeamStaff's President and Chief Executive Officer, stated, ''This program is an acknowledgement by our Board of
Directors that our stock is undervalued and it represents an excellent application of the Company's excess cash. This program will extend over
an indefinite period of time and will be subject to the availability of excess cash, the continued satisfaction of all debt covenants with FINOVA,
FINOVA's continued support of this program, as well as market conditions.''
TeamStaff, Inc. provides comprehensive human resources management to small and mid-sized companies in a variety of industries. TeamStaff's
services include professional employer services which provide the administration of the human resources function, workers' compensation,
employee benefits, a 401K plan, payroll and payroll tax service preparation. TeamStaff also provides temporary and permanent staffing and
payroll services.
This press release contains forward-looking statements. All such statements involve risks and uncertainties, including, without limitation, the
risks detailed in TeamStaff's filings and reports with the securities and Exchange Commission. Such statements are only predictions and actual
events or results may differ materially.
This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com
Contact:
TeamStaff, Inc., Somerset
Donald Kappauf
732/748-1700
or
KCSA Public Relations, New York
Joseph A. Mansi/Robert Giordano
212/682-6300, ext. 205/289
jmansi@kcsa.com/rgiordano@KCSA.com |
