Workstream Inc. Announces Major Expansion Plans
New CEO and Board of Directors Aim to Build a Stonger Human Capital Management Company Through Growth of Existing Products and New Offerings
John Long, Former CEO of First Advantage Corporation, Takes Over as CEO
MAITLAND, Fla., Aug. 16, 2010 (GLOBE NEWSWIRE) -- Workstream Inc. (OTCBB:WSTM) today announced expansion of its management, appointment of a new Board of Directors, new capital structure and additional capital for the human capital technology, software and services company. The changes are expected to result in growth of the business and the introduction of additional products as well as to set a course for possible future acquisitions. In making the announcement, the company outlined plans that are intended to allow the company to become a stronger human capital management business, expanding on the current Workstream Software as a Service (SaaS) offerings.John Long, former CEO of First Advantage Corporation, will take over as CEO of Workstream, replacing Michael Mullarkey, the founder and current CEO, who will remain with the company. Under Long's watch, First Advantage Corporation grew from a small division of First American Corporation (NYSE: FAF) to a stand-alone publicly traded company with over a billion dollar market cap. Workstream will maintain its current headquarters in Maitland, Florida, outside of Orlando. Workstream offers a set of technology solutions and services to help employers meet challenging human capital issues. The offering includes software and data for recruiting, managing performance reviews, developing competencies for employees, succession planning, communicating with employees about benefits and managing compensation and non-cash rewards programs. A pioneer in the human capital management sector, Workstream has multi-language capabilities that serve a growing international customer base. Commenting on the move, John Long said: "Workstream is a vibrant company with a suite of innovative human capital technology solutions. The company's compensation management, performance management and recruiting products are best in class. In addition, the Rewards and Recognition services and 6FigureJobs career site owned by Workstream are exceptional businesses. I have been impressed with the services and look forward to putting the company on a path to growth. Recently, Workstream has expanded the services supplied to current clients and succeeded in landing contracts with new clients."
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