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 |
