This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Corporate Resource Services Acquires Tri-Overload Staffing Inc.

Corporate Resource Services, Inc. (OTC: CRRS), a national provider of temporary and permanent staffing services, announced today that it has acquired Tri-Overload Staffing Inc. from an affiliate of Tri-State Employment Services, Inc. Tri-Overload Staffing, now known as Insurance Overload Services, Inc., is in the business of providing temporary and permanent employment staffing services and related support services principally to the insurance industry. The purchase price was approximately $6.2 million which was paid through the issuance of approximately 8,590,000 shares of the Company's common stock.

Tri-Overload Staffing had sales of approximately $20 million for the nine-month period ending March 31, 2010. The company has over 20 offices throughout the United States.

“With this transaction, CRS continues to build scale as well as diversify its offerings. We now have a growing presence in the insurance industry, as well as in the light industrial and clerical industries,” said Jay Schecter, CEO of Corporate Resource Services. “With the completion of this acquisition and the addition of Insurance Overload Services to our group, we have added, based on current levels of business, over $100 million of annualized revenues to the company’s operations since April of this year, when we acquired certain assets of GT Systems. This is an important step for the Company and we plan to continue aggressively our growth through additional acquisitions as well as organically.”

Tri State Employment Services is the Company’s largest stockholder. Robert Cassera, the President and controlling stockholder of Tri-State, commented: “This transaction furthers our goal at Tri-State to focus our efforts on providing PEO services to our client base, while enabling CRS to increase its breadth and depth of offerings in the staffing business, where it has significant expertise and experience.”

The transaction was reviewed and approved by a special independent committee of the Board of Directors. The committee received a fairness opinion from The BVA Group LLC, which indicated that the purchase price paid by CRS for Tri-Overload, as well as the price per share of the Company's common stock used to determine the number of shares to be issued, was fair from a financial point of view to the unaffiliated stockholders of the Company.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,071.22 -41.93 -0.24%
S&P 500 1,977.80 -5.05 -0.25%
NASDAQ 4,505.8520 -6.3420 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs