FAMH just became $75 million company!
Check out this news and hop on board gang. It is going to MOVE next week.
And I am long NTST. Thanks for the tip Joe! Picked up some more this morning and looking forward to a great week.
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Friday April 17, 2:30 pm Eastern Time
Company Press Release
Firamada, Inc. Acquires $55 Million Myriad Employment
Services, Inc.
Major Acquisition Vaults Annual Firamada Revenues To Over $75 Million
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
(NASDAQ: MMWW - news). One major difference is that we focus on high-profit
niches the way AccuStaff
(NYSE: ASI - news), On Assignment (NASDAQ: ASGN - news) and Romac
International (NASDAQ: ROMC
- news) 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 (NASDAQ: ROMC - news) and Metamor Worldwide (NASDAQ:
MMWW - news).
Firamada, Inc. (OTC Bulletin Board: FAMH - news) 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.
Contact:
Firamada Inc.
Ira Monas
E-mail: Irafm@aol.com
or
Myriad Employment Services, Inc.
Ted Colo
562/624-6277
Fax: 562/624-6276
or
Preferred Financial Marketing
310/789-1132
Fax: 310/789-1134 |
