Thursday April 5, 5:15 am Eastern Time
Press Release
SOURCE: IVG Corp.
IVG Subsidiary, SES, Signs Letter of Intent to Acquire United Staffing Of America
HOUSTON, April 5 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board: IVGG - news; ivgcorp.com) today announced that its wholly owned subsidiary, SES-Corp., Inc. -- one of the largest full service Professional Employer Organizations (PEOs) in the United States -- has signed a Letter of Intent to acquire United Staffing of America, Ltd.
United Staffing is a privately owned Professional Employer Organization located in Tampa, Florida. Serving businesses in 10 states, United Staffing brings over a decade of experience in outsourced human resource administration, including services such as compensation claims, safety management, health benefits, payroll administration, taxes, filings, and garnishments.
By combining the resources of United Staffing, SES will gain a stronger presence in the PEO marketplace.
``United Staffing is a market leader, with a proven ability to manage the complexities of HR administration,'' stated Mr. Dennis Lambka, President and CEO of SES-Corp, Inc. ``Given United Staffing's existing client base, this acquisition enhances our critical mass in the southeast U.S. markets and takes us one step closer to achieving our aggressive goals for 2001. Our consolidation plans for the PEO industry are clearly under way.''
``By joining the SES team, we will gain a tremendous opportunity to meet the evolving needs of our customer base,'' said Mr. Tom Meade, President and CEO of United Staffing. ``Over the past four years, we've had the opportunity and pleasure of collaborating with SES on several projects. Their approach to superior service is consistent with our business philosophy, and their vision to bring these services into a web-enabled environment will certainly add value for our existing customers.''
The proposed acquisition is structured as a stock transaction between SES and United Staffing, and the terms will depend upon the parties' due diligence and the completion of United Staffing's 2000 audited financial statements, which are expected to be completed this month. The proposed transaction is subject to certain conditions, including the execution of definitive agreements, due diligence, requisite board and shareholder approval, and approval from various state licensing agencies. It is anticipated that the acquisition will be completed in May 2001.
About United Staffing of America, Ltd.
United Staffing (http://www.usa-peo.com) is a leader in the PEO industry, serving over 125 businesses in 10 states. As an employee administrator, United Staffing offers cost effective human resource solutions for small and mid-sized businesses, enabling them to focus on core business operations and growth.
About SES-Corp., Inc.
SES (http://www.sesworks.com) is one of the largest full service Professional Employer Organizations in the United States. Founded in 1989, SES offers small and medium-sized businesses comprehensive management services for the daily administration of human resources and employer obligations. These professional services include payroll and benefits administration, compliance management, medical and workers' compensation insurance programs, unemployment insurance and claims administration, recruiting and placement services, and training and supervisory development services. Headquartered in Auburn Hills, Michigan, SES currently has 10 offices in nine states, with operations in 42 states servicing over 2,700 clients and more than 39,000 worksite employees nationwide.
About IVG Corp.
IVG Corp. is a Houston-based human resource and technology holding company that acquires, develops and operates revenue-generating companies with a compelling business model, technology and/or proprietary service. IVG Corp. provides a value-added corporate structure intended to enable its portfolio companies to quickly leverage their expertise and deploy their business strategy by utilizing the management, financial and corporate resources of the Company. IVG Corp. currently trades on the NASD OTC Bulletin Board under the symbol IVGG.
Safe Harbor Statement: This press release includes forward-looking statements, including statements relating to future acquisitions, results of operations and business strategy of SES and IVG Corp. These statements are made under the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, among others: risks relating to the ability of IVG Corp. management to successfully accomplish fund raising activities, the ability to achieve or sustain profitability; limited operating history; possible financing needs; risks associated with identifying and completing acquisitions; risks associated with the integration of acquired technologies, operations and personnel; risks of being deemed an investment company; exposure to unforeseen liabilities of acquired companies; the requirement to record additional future operating costs for the amortization of goodwill and other intangible assets, which amounts could be significant; business conditions in the PEO, e-commerce and Internet industries generally; the impact of market competitors and their product and service offerings; and the economic, competitive, governmental, technological and other factors identified in IVG Corp.'s filings with the Securities and Exchange Commission. These factors are described in further detail in IVG Corp.'s filings with the Securities and Exchange Commission, available online at freeedgar.com.
CORPORATE CONTACT
IVG Corp.
Mr. Richard Twardowski
Phone: (281) 295-8400
Email: richard@ivgcorp.com
Web: www.ivgcorp.com
INVESTOR & MEDIA RELATIONS
Mindshare Communications Inc.
Mr. Anthony Zelen
Toll Free: (888) 301-6788
Fax: (604) 806-3367
Email: ivgg@mindsharecommunications.com
SOURCE: IVG Corp. |
