Core Solutions Addresses False Rumors
LOS ANGELES--(BUSINESS WIRE)--Dec. 31, 2002--Core Solutions, Inc. (OTC:CSUO) announced today that it will aggressively pursue criminal prosecution of groups or individuals suspected of manipulating their stock in the market.
In response to the numerous false rumors being propagated in the market, the company has executed an investigation into the message board activity and trading of its stock. As a result, it has gathered evidence from numerous public and private sources that demonstrate possible market manipulation by individuals working both independently and in a coordinated effort.
These individuals have spread false rumors regarding both the company and its management in an effort to drive the stock price down, the company suspects, to profitably cover short positions. As such, the company will continue its internal investigation, and intends to distribute its findings to the appropriate federal regulatory agency as necessary. This will be done in an effort to stop these individuals and to prosecute them for the potential damage they have caused the company's shareholders.
President Christine Favara noted: "We need to bring this activity to a halt while we identify the relationships, pursue legal remedies, and protect our shareholders. There will be zero tolerance. If someone attempts to manipulate the market for our security, we will respond by working together with any and all governing authorities to initiate an investigation, and bring these individuals to justice."
About Core Solutions, Inc.
Core Solutions, Inc. is a technology-based, human resource consulting firm. Headquartered in Los Angeles, Core Solutions offers a comprehensive selection of integrated solutions for the management and administration of human resource needs on a nationwide basis. By aggregating the workforces of multiple clients, the Company delivers end-to-end human resource solutions to small- and mid-sized businesses that are cost-effective and beneficial to its clients and their employees. For more information, visit corehr.com.
The statements contained in this press release that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Therefore, the actual results of future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: (i) regulatory and tax developments; (ii) the effectiveness of the Company's sales and marketing efforts; (iii) changes in the competitive environment of the industry; (iv) changes in general economic conditions; (v) changes in the Company's direct costs and operating expenses; (vi) the estimated costs and effectiveness of capital projects and investments in technology and infrastructure. (vii) Management's ability to effectively implement its business strategy. These factors are described in further detail in Core Solutions, Inc. filings with the Securities and Exchange Commission.
CONTACT:
Core Solutions, Los Angeles
Christine Favara, 213/483-7044
chris@corehr.com
or
OTC Financial Network, Needham, Mass.
Investor Relations:
Rick McCaffrey, 781/444-6100 x621
rick@otcfn.com
SOURCE: Core Solutions, Inc.
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12/31/2002 09:28 EASTERN |
