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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Workstream Announces Acquisition Plans To Drive Significant Growth In 2011

MAITLAND, Fla., Jan. 3, 2011 (GLOBE NEWSWIRE) -- Workstream (OTCBB:WSTM), a leading provider of compensation, performance and talent management software solutions, announced today that it has entered into a Letter of Intent (LOI) to acquire a leading provider of Human Capital and Compliance Management services focused on the health care market. With over 1,000 clients, the company is a leading supplier of critical services to this market across the country. The target company provides an excellent foundation for expansion of Workstream's core enterprise software solutions.

This transaction is contingent on the successful negotiation of a definitive agreement and employment agreements with the sellers, approval of Workstream Board of Directors and the successful completion of a capital raise and lender agreements.

"The new management team of Workstream has chosen to approach the market with a vertical focus," commented John Long, CEO of Workstream. "With over 90% of the target's customers in the high growth health care sector, we think this transaction allows for a focused approach to the expansion of Workstream's core software products. Rather than trying to be all things to all people, we want to be the best to a core group of current and prospective clients. We are especially excited about developing sales and service strategies for the client base."

Long added: "The management team of the target company is exceptional and will continue to be involved in growing the business. Together, we will expand the current offering and bring new services to the health care market to meet essential human resource and compliance needs." 

Workstream delivers software solutions to address Employee Performance, Development and Compensation Management goals for employers. In addition to the announced transaction, management is actively pursuing other complementary acquisitions to expand the company's service offering.  

"We believe 2011 will be an excellent year for Workstream as management develops a true Software and Services platform for Human Capital Management needs," said Long.

About Workstream: Workstream provides compensation planning, performance management, and talent management solutions and services that help companies manage the employee lifecycle, with a strong focus on performance based compensation. Workstream's Talent Center enables employers to align their talent strategy with their business strategy. Solutions are offered on a monthly subscription basis, under Software as a Service (SaaS) model.

The Workstream, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6175

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Workstream's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inability to grow our client base and revenue because of the number of competitors and the variety of sources of competition we face; client attrition; inability to identify or complete the acquisition of quality target businesses; inability to integrate acquired businesses; inability to offer services that are superior and cost effective when compared to the services being offered by our competitors; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to enter into successful strategic relationships and other risks detailed from time to time in filings with the Securities and Exchange Commission, including but not limited to those set forth under "Risk Factors" in Workstream's annual report on Form 10-K. The forward-looking statements herein reflect the company's expectations as at the date of this press release and are subject to change after this date.

CONTACT:  Workstream Inc.
          Ezra Schneier
          407-475-5500  Ext. 709
          Mobile: 267-980-6095
          Ezra.Schneier@workstreaminc.com
          www.workstreaminc.com

company logo

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 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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