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Firamada Acquires Myriad Employment Services
January 27, 1998 09:18 AM
NEW YORK, Jan. 27 /PRNewswire/ -- Firamada, Inc. FAMH . Ira A. Monas, President of Firamada announced today the agreement to purchase Myriad Employment Services, Inc., a company based in Long Beach, Ca., for a combination of 2.5 million shares of Firamada stock, cash and assumption of debt.
Myriad an employee leasing concern according to the company has audited sales of 45 million dollars, along with new contracts that will boost revenues over 60 million dollars. Mr. Monas feels that Myriad is an excellent fit to the Firamada family and will give it an immediate West Coast presence. Although profitable, Mr. Monas, President and Mr. Arif Adam, CEO feel additional focus will turn this merger into a stepping stone for future acquisitions.
In addition, Mr. Monas stated that Firamada has obtained a credit facility with a European financial concern in the amount of 25 million dollars in order to further its acquisition mode. SOURCE Firamada, Inc.
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