SOMERSET, N.J., Jan. 9 TeamStaff, Inc. (Nasdaq:TSTF) a national provider of healthcare and administrative staffing services,today announced that on January 4, 2008, it received a Staff Determinationletter from the Nasdaq Stock Market ("Nasdaq") indicating that TeamStaff'scommon stock is subject to delisting from the Nasdaq Global Market. TheNasdaq's determination was based on its July 6, 2007, notice to TeamStaffinforming it that for 30 consecutive business days, the closing bid price pershare of the Company's common stock has been below the $1.00 minimum per sharerequirement for continued listing as set forth in NASDAQ Marketplace Rule4450(a)(5) (the "Rule"). In accordance with applicable Nasdaq rules, TeamStaffwas provided with 180 calendar days, until January 2, 2008, to regaincompliance with the Rule, which did not occur.
TeamStaff will request a hearing in accordance the Marketplace Rule 4800Series to review the Staff Determination. The hearing request will stay thesuspension and delisting of its common stock pending a decision by a NasdaqListing Qualifications Panel. In addition, TeamStaff's board of directors hasauthorized the Company to seek shareholder approval of a reverse stock splitin order to facilitate the Company's ability to regain compliance withMarketplace Rule4450(a)(5). There can be no assurance that such Panel willgrant TeamStaff's request for continued listing.
About TeamStaff, Inc.
Headquartered in Somerset, New Jersey, TeamStaff serves clients and theiremployees throughout the United States as a full-service provider of medicaland administrative staffing. TeamStaff's RS Staffing Services subsidiaryspecializes in providing medical and office administration/technicalprofessionals through nationwide Federal Supply Schedule contracts with boththe United States General Services Administration and the United StatesDepartment of Veterans Affairs. The TeamStaff Rx subsidiary is a leadingprovider of travel nursing and travel allied healthcare professionals.TeamStaff Rx operates throughout the US and specializes in the supply oftravel allied medical employees and travel nurses, typically placed on 13 weekassignments. TeamStaff Rx's Nursing Innovations unit provides per diemnursing. For more information, visit the TeamStaff web site atwww.teamstaff.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Actof 1995:
This press release contains "forward-looking statements" as defined by theFederal Securities Laws. Statements in this press release regarding TeamStaff,Inc.'s business which are not historical facts are "forward-lookingstatements" that involve risks and uncertainties. TeamStaff's actual resultscould differ materially from those described in such forward-lookingstatements as a result of certain risk factors and uncertainties, includingbut not limited to: our ability to recruit and retain qualified temporary andpermanent healthcare professionals and administrative staff upon acceptableterms; our ability to enter into contracts with hospitals, healthcare facilityclients, affiliated healthcare networks, physician practice groups, governmentagencies and other customers on terms acceptable to us and to secure ordersrelated to those contracts; changes in the timing of customer orders forplacement of temporary and permanent healthcare professionals andadministrative staff; the overall level of demand for our services; ourability to successfully implement our strategic growth, acquisition andintegration strategies; the effect of existing or future governmentlegislation and regulation; the loss of key officers and management personnelthat could adversely affect our ability to remain competitive; otherregulatory and tax developments; and the effect of other important factorsdisclosed previously and from time-to-time in TeamStaff's filings with theU.S. Securities Exchange Commission. For a disc