To All: LATEST PRESS RELEASE
Firamada, Inc. Announces Myriad Closing And Profitable Finance Division Projections
March 16, 1998 01:22 PM
NEW YORK, March l6 /PRNewswire/ -- Firamada, Inc. FAMH today announced that successful meetings late last week will allow them to close the Myriad acquisition within fourteen days.
Firamada, Inc., has received highly favorable terms from the Internal Revenue Service which will completely eliminate the tax liens placed on Myriad. Firamada's agreement with the IRS will result in an initial payment of $1 Million, followed by payments over the next seven years totaling $3.3 Million. This agreement will remove all IRS encumbrances from Myriad and will not place any future restrictions on Firamada.
Additionally, Firamada also proudly announced that projected first quarter profits (through March 31, 1998) in their FINANCE DIVISION ALONE should total approximately $374,000.
Firamada President, Ira Monas spoke confidently about these results, "With the completion of the Myriad acquisition, and with Firamada's ever-increasing participation in the lucrative fields of payroll financing and IT placements, 1998 is quickly shaping up to be a record year for Firamada and its shareholders. We are amazed at how rapidly we are growing and gaining momentum in this industry, and we believe we are just getting started."
This press release contains forward-looking statements with respect to the results of operations and business of the Company that involves risks and uncertainties. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission. SOURCE Firamada, Inc.
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