Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : HOT STOCKS 100% 200% 300% profits possible short term -- Ignore unavailable to you. Want to Upgrade?

To: Yoav Chudnoff who wrote (399)	5/1/1998 1:41:00 PM
From: Rose Rose	Respond to of 2038

FAMH news out. ------------------- Firamada Control Initiates $33 Million Increase in Myriad Revenues NEW YORK--(BUSINESS WIRE)--May 1, 1998--Firamada, Inc. announced today they have assumed operational control of Myriad Employment Services, Inc., a $55 Million Long Beach CA based staffing company. Firamada's closing on the Myriad acquisition clears the way for an additional $33 Million increase in contracted business. This increase is above the $55 Million in annual revenues currently generated by Myriad and elevates Myriad's projected 1998 revenues to nearly $90 Million. Firamada CEO Arif Adam and President Ira Monas are currently in California implementing management and operational changes. The transition is proceeding along smoothly and should be completed shortly. Firamada also announced they have made the initial $1 Million payment to the IRS' San Diego office per a settlement reached with the IRS to eliminate Myriad's tax obligation. Mr. Monas commented on the positive effect this will have on Myriad's immediate future. ''Myriad has in excess of $33 Million worth of employment agreements which have been held pending resolution of Myriad's tax obligation. Firamada's settlement agreement on that obligation allows these employment contracts to be implemented. This means over $33 Million worth of additional business can now be added to Myriad's books and, consequently, Firamada's 1998 revenues. Needless to say, we are very excited as this makes us even more optimistic about Firamada's 1998 revenue projections.'' 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.