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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Oliver Pepper who wrote (3894)	4/27/1998 10:41:00 AM
From: Carole	Respond to of 29382

The Dwyer Group, Inc. Agrees to Sell Two Subsidiaries WACO, Texas--(BUSINESS WIRE)--April 27, 1998--The Dwyer Group, Inc. (Nasdaq:DWYR) ("The Company"), an international provider of diversified specialty services through seven franchising subsidiaries, today announced the signing of an agreement for the sale of General Business Services (tm) ("GBS") and E.K. Williams & Co. (R) ("EKW") to Century Business Services, Inc. (NASDAQ: CBIZ), a leading provider of outsourced business services to medium sized companies throughout the United States ("Century"). The Company will receive $3.8 million in cash and up to $800,000 in Century stock. The Century stock will be held in escrow for up to two years and will be subject to certain contingencies. The sale is subject to due diligence by Century and to the signing of a definitive agreement. Both GBS and EKW market and service franchises which provide business management and accounting services to small businesses. In 1997, GBS and EKW accounted for $4.6 million of The Dwyer Group's $15.5 million in revenues. "We have enjoyed and appreciated our relationship with our GBS and EKW franchisees over the years and Century appears to be a good fit for their operations," said Robert Tunmire, President and CEO. "Our decision to sell these subsidiaries is based on our goal of maximizing value to our shareholders. The sale will provide cash for the acquisition of franchise concepts which are more compatible with our core business of franchising 'trade service' concepts, which provide services to large numbers of residential and commercial customers." Century provides integrated services in the following areas: accounting systems, advisory and tax; benefits design and administration; human resources; information technology systems; payroll administration; specialty insurance; valuation; and worker's compensation. These services are provided through a network of 82 company offices in 26 states, as well as through its subsidiary Comprehensive Business Services, a franchisor of accounting services with 250 franchisee offices in 40 states. The Dwyer Group, Inc., based in Waco, Texas, currently supports approximately 1,400 franchisees operating the following concepts: Mr. Rooter (R), Rainbow International (R), General Business Services (R), E.K. Williams & Co. (R), Mr. Electric (R), Mr. Appliance (tm) and Aire Serv (R). Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those projected. Such risks and uncertainties include, but are not limited to, the Company's ability to locate and acquire other compatible businesses in furtherance of its growth strategy. For more information, contact Tom Buckley, Chief Financial Officer at 800/490-7501. For general information regarding The Dwyer Group or its franchise concepts, visit the Company's website at dwyergroup.com. CONTACT: The Dwyer Group, Inc. Tom Buckley, 254/745-2400 or 800/490-7501