Looks like a HUGE news release to me, but WTF do I know..hehehehe!
Press Release
SOURCE: Zeros & Ones, Inc.
Zeros & Ones Completes Strategic Acquisition; Definitive Stock Purchase Agreement Signed
LOS ANGELES, Jan. 17 /PRNewswire-FirstCall/ -- Zeros & Ones, Inc. (OTC Bulletin Board: ZROS - news), today announced that it has executed the definitive stock purchase agreement for the acquisition of Joint Employers Group, Inc. (JEG). This acquisition empowers the Company to rapidly monetize its considerable technology holdings and automation expertise by providing an established market presence in the burgeoning professional employer organization (PEO) and employee leasing industry. The field is growing at 20 to 30 percent per year, according to the National Association of Professional Employer Organizations.
JEG will operate as a wholly owned subsidiary of Zeros & Ones. There will be no name change for either company. The all-stock transaction, scheduled to officially close on or before January 31, 2002, will boost Zeros & Ones' annual revenues by approximately $47 million and total assets by $2.4 million. This acquisition is expected to help Zeros & Ones focus on its plan for increased revenues and profitability through applications of JEG's technology and expertise in related fields. The combined company intends to double sales every 12 months for at least five consecutive years, culminating in five years with sales projected to exceed $1 billion annually. JEG currently has over 120 clients and employs over 2,500 employees.
Zeros & Ones' technologies, code bases, and development services will be used to automate JEG operations, create new revenue streams, introduce an Internet-based direct marketing campaign geared to entrepreneurs and small business owners, and to create a new innovative e-business platform for JEG clients called the ``JEG Portal.''
The JEG Portal, a new feature that will be bundled into the standard JEG service offering, will offer convergence-oriented online commerce, communication and collaboration by and between JEG members for anytime/anywhere access to HR, payroll, and interoffice knowledge management services. It will also integrate value-added products and services from major brand name providers that will pay the Company a percentage of gross sales referred through the system. Zeros & Ones' experience and top-level access in the e-commerce/t-commerce and online shopping arenas has already rapidly advanced these efforts.
``The JEG Portal will be the most outwardly-visible aspect of Zeros & Ones' contribution in implementing JEG's growth plan. It is our quest to make JEG the most innovative and technologically-advanced outsourced solutions provider in the nation,'' proclaimed Robert J. Holtz, Chairman and CEO of Zeros & Ones, Inc. ``I am quite delighted that we've executed our promise to close this acquisition in time to begin 2002 with renewed strength and a clear direction.''
``At JEG, we help our clients get back to 'the business of doing business.' This message also applies to us. Delivering those administrative services to our client base requires that we harness the latest in automation technology designed around JEG's promise to deliver. I strongly believe this will catapult JEG to a leadership position in the PEO industry,'' said Ray Hotchkiss, President and CEO of Joint Employers Group. ``In our business, timing is everything, and considering the opportunities ahead, our acquisition by Zeros & Ones could not have been more perfectly timed.''
Development continues on Zeros & Ones' other lines of business, including MC-10 video compression, image recognition/manipulation technologies, and media properties. Zeros & Ones' animated production, ``Paul Frank's Julius & Friends,'' is currently featured in the comedy section of SONY's online entertainment website, www.ScreenBlast.com , and has recently been nominated for the second consecutive year at the Sundance Online Screen Festival.
About JEG:
Headquartered in Southern California, Joint Employers Group (www.jegonline.com) provides outsource PEO solutions for handling all aspects of human resources, payroll, healthcare, benefits, safety, workers compensation issues, and employment compliance administration. In addition to giving each client back the critical time they need to focus on running their business, the combined buying power of the entire client base allows JEG to provide individuals with services and enhanced benefits otherwise reserved only for large companies.
About Zeros & Ones:
Headquartered in Southern California, Zeros & Ones, Inc. (www.zerosones.com) is a diversified holding company with digital convergence operations in technology, entertainment, and outsource services.
This news release contains forward-looking statements, including but not limited to, those that refer to the Company's plans for future securities listings, or future development plans or operating results. Actual results could differ materially from those anticipated due to risk factors that include, but are not limited to, lack of timely development of products and services; lack of market acceptance of products, services and technologies; inadequate capital; adverse government regulations; competition; breach of contract; inability to earn revenue or profits; dependence on key individuals; inability to obtain or protect intellectual property rights; inability to obtain listing for the company's securities; lower sales and higher operating costs than expected; technological obsolescence of the Company's products; limited operating history and risks inherent in the Company's markets and business.
SOURCE: Zeros & Ones, Inc. |
