Thursday April 12, 5:15 am Eastern Time
Press Release
SOURCE: IVG Corp.
IVG Subsidiary, SES, Signs Letter of Intent to Acquire Staff Leasing Corporation
SES Continues Aggressive Consolidation With Second Acquisition Announcement In Two Weeks
HOUSTON, April 12 /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 Staff Leasing Corporation.
Founded in 1991, Staff Leasing Corporation is a regional PEO headquartered in Palos Heights, Illinois. Employing workers in 24 states, Staff Leasing offers a complete suite of staffing services, including payroll processing, benefits administration, workers' compensation, unemployment, tax filing and compliance. The company currently services over 1,200 worksite employees, with the core of its client base in Illinois, Indiana, Wisconsin and Iowa.
The proposed acquisition -- expected to close in June -- strengthens SES' client base in the Midwestern United States and brings the company one step closer to achieving its aggressive consolidation goals for 2001.
``This acquisition clearly reflects our articulated strategic plan to actively pursue candidates for consolidation in the PEO industry,'' stated President and CEO of SES, Mr. Dennis Lambka. ``With Staff Leasing, we enhance our market share in the Chicago area and gain a solid platform for expansion in the Midwest.''
Mr. Richard Trzupek, President of Staff Leasing added, ``We are delighted to join SES, as we believe it possesses the right strategy of balancing technology development and positive cash flow to become a major player in the HR marketplace. Together, we will be able to offer clients an advanced level of traditional services, as well as web-enabled services not previously available in the industry. This will allow us to continue our outstanding record of growth into the future.''
Under the terms of the Letter of Intent, SES will acquire 100 percent of the stock of Staff Leasing in consideration for an amount of cash to be determined upon signing of a Definitive Agreement. The proposed transaction is subject to certain conditions, including the execution of definitive agreements, due diligence, requisiteboard and shareholder approval, and approval from various state licensing agencies.
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 approximately 32,000 worksite employees nationwide. SES is wholly owned by IVG Corp.
About IVG Corp., Inc.
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
Mr. Anthony Zelen
Toll Free: (888) 301-6788
Fax: (604) 806-3367
Email: ivgg@mindsharecommunications.com
SOURCE: IVG Corp. |
