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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: Brad who wrote (1257)	1/14/1998 2:47:00 PM
From: carolm	Read Replies (6) \| Respond to of 27968

Brad, I just got off the phone with Mike Griffith, VP Opporations of Myriad. He said that the deal either closed yesterday or was closing today and that he did not know the details yet, but he seemed very excited about it. He has been there 3 years and been personally responsible for signing up 98 accounts. Each account may have several employees that then become employees of Myriad. Myriad takes care of workman's comp., taxes, 401K, health insurance, direct deposit, etc., etc. and saves the employee the time and effort as well as dollars due to volume discounts and efficiencies. There is a $50 fee for each employee and Myriad makes additional dollars off the spreads of the difference between what they charge for the benefits and their reduced cost to provide it. Their Long Beach office has 44 employees that work in their office and 3500-5000 (employees) that work for their clients. They do not do recruiting or temporary placements. Mike was not familiar with any other subsidiaries or knew of any other Myriad offices. He said they primarily signed new accounts over the phone and had accounts in other states. He said that their office was the entire eighth floor of the International City Bank building in Long Beach, 249 E. Ocean Blvd. and he estimated they could probably double the business handled out of that office, and at the rate they were growing it might take 1-1 1/2 years to do that. He said that their was no competition that he knew of that was comparable. Their clients included oil and lube change, restaurants, bakeries, telecom, cellular, and anything except beauty parlors. He mentioned Hudson's Grill and Perfect Autos as some of the larger clients with several locations. He thought that post merger their combined clients (employees) would range in total between 7000-7500. He did not have a figure of profitability per client. I'm not sure I see any 60 million here, but he stated he was not privey to Corporate figures and was only knowledgeable about Long Beach. Actually if their average yearly income is $12,000 per employee, it equals 60,000,000 in billings. Carol