To: MY OPINION who wrote (13603 ) 4/24/1998 1:46:00 PM From: dexx Read Replies (1) | Respond to of 27968
Firamada, Inc. Withdraws From Negotiations With Atrix Internationa Firamada To Independently Seek Nasdaq Listing NEW YORK--(BUSINESS WIRE)--April 24, 1998--Firamada, Inc. today announced they have withdrawn from any further merger negotiations with Atrix International, Inc. Citing concerns raised by Firamada's due diligence, Firamada President Ira Monas said the Company has made a decision to acquire a NASDAQ Listing on the basis of Firamada's ability to meet all Listing Requirements. Said Mr. Monas, "We were unhappy with what we found relating to the management and business practices of Atrix. We uncovered what we feel are a sufficient number of inequities and other problems resulting from what is, in our opinion, poor leadership and poor decision-making. "With the current momentum gained from our Myriad acquisition, and with the numerous smaller acquisitions we have in the works, we feel Firamada is now positioned to attain a NASDAQ Listing without any external assistance. Our future is bright, but it is clear to us a merger with Atrix would not add substantial value to our Company and would unfairly burden our shareholders with problems that would be inherited in a merger with Atrix International." 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.