Nice move Robert, check this out!!!
TO ALL: LATEST PRESS RELEASE:
Firamada, Inc. Acquires $55 Million MyriadEmployment Services, Inc.; Major Acquisition Vaults Annual
FiramadaRevenues To Over $75 Million
April 17, 1998 02:30 PM
NEW YORK--(BUSINESS WIRE)--April 17, 1998--Firamada, Inc. today announced they have acquired
Myriad Employment Services, a $55 Million staffing and employee leasing company based in Long Beach,
California. The Acquisition Agreement was signed by Firamada President Ira Monas, Myriad President Ted
Colo, and Myriad Chief Executive Officer Steve Fox. Firamada assumes immediate control of Myriad
Employment Services, Inc. Per terms of the Acquisition Agreement, Firamada is scheduled to make an initial $1
Million payment to the Internal Revenue Service's San Diego office next week. This payment will be followed
by sixty (60) monthly installments of approximately $59,500. The aggregate of these payments will total $4.5
Million. The final Agreement does not include the issuance of any Firamada shares and will be a cash
transaction only. Also per the Agreement, Ted Colo and Steve Fox will continue in a non-principal management
capacity with the company under a negotiated 3-year contract. "We have just hit a grand slam home run," said
Firamada's Mr. Monas, "This Myriad acquisition completes the first of many big steps we are taking. Revenues
in all of Firamada's divisions are up and we are preparing to launch the Morton Downey, Jr. Television Show.
Our pace of growth has been accelerating and we anticipate this will continue as our goal is to lead the industry
in profitability." Mr. Monas continued, "We are taking the best ideas that we see in the industry and
incorporating them; we want to be the most dynamic company in the business. Our acquisition strategy is
similar to that of Metamor Worldwide MMWW . One major difference is that we focus on high-profit niches the
way AccuStaff ASI , On Assignment ASGN and Romac International ROMC have done. "I would say 90% of
what we are doing is not anything unusual. We are just doing it better, harder and faster. The other 10% is our
ingenuity and our ability to move quickly to take advantage of opportunity; in other words, there are no 'red
tape' dispensers at Firamada." The signing of this acquisition Agreement is the culmination of what has been
described as a "David and Goliath" story. This single acquisition will effectively increase Firamada's annual
revenues to over $75 Million and will position the Company to compete in the future with other
acquisition-aggressive companies including Romac International ROMC and Metamor Worldwide MMWW .
Firamada, Inc. FAMH is a national staffing company specializing in providing high-end temporary staffing,
Information Technology (IT) placements, employee leasing and permanent placement personnel. Firamada's
staffing locations include New York, Texas, Arizona, Missouri and California. Additionally, Firamada
underwrites outside payroll financing for other staffing companies and re-insures workman's compensation
plans. Firamada, Inc. also is co-producing the upcoming nationally syndicated Morton Downey, Jr. Television
Talk Show. This press release contains forward-looking statements with respect to the results of operations and
business of the Company that involves risk and uncertainties. The Company's actual future results could
materially differ from those discussed. 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 |
