SOMERSET, N.J., Jan. 30 TeamStaff, Inc.(Nasdaq: TSTF), a national provider of healthcare and administrative staffingservices, today announced that it has sold its Nursing Innovations Per Diembusiness unit located in Memphis, Tennessee to Temps Inc., effective January27, 2008. The transaction is all cash and a sale of substantially all thebusiness unit's assets. The transaction is expected to close on January 31,2008. Other terms of the transaction were not disclosed.
TeamStaff's Per Diem business was accounted for as discontinued operationswhen the company recently reported fiscal 2007 results. Commenting on thetransaction, Rick J. Filippelli, TeamStaff's President and CEO, said "Thisdivestiture represents the execution of a previously discussed strategic goalto sell our per diem business unit and focus on our core businesses of Traveland Government Staffing. We plan to use the sales proceeds to fund the growthof our core business."
Commenting on the acquisition, Todd Kane, President and CEO of Temps Inc.,added "I am pleased to have completed the acquisition of TeamStaff's per diembusiness unit. Nursing Innovations has a reputation of quality and we arecommitted to continuing and furthering that reputation." Kane continued, "Theaddition of Nursing Innovations to the Temps family is in line with our long-term goals and should prove to enhance our existing operations in Tennesseeand beyond."
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 TeamStaff Rx subsidiary is a leadingprovider of travel nursing and travel allied healthcare professionals.TeamStaff Rx operates throughout the U.S. and specializes in the supply oftravel allied medical employees and travel nurses typically placed on 13 weekassignments. TeamStaff's RS Staffing Services subsidiary specializes inproviding medical and office administration/technical professionals throughnationwide Federal Supply Schedule contracts with both the United StatesGeneral Services Administration and the United States Department of VeteransAffairs. 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 discussion of such risks anduncertainti