Corporate Resource Services Completes Acquisition Of Tri-Diamond Staffing Inc.
Corporate Resource Services, Inc. (OTCBB: CRRS), a national provider of temporary and permanent staffing services (the “Company”), completed its previously announced acquisition of Tri-Diamond Staffing Inc. from an affiliate of Tri-State Employment Services, Inc on January 31, 2011. Tri-Diamond Staffing, which following the consummation of the acquisition will be known as Diamond Staffing Services, Inc., is in the business of providing temporary and permanent employment staffing services and related support services principally to clients in light industrial businesses. The purchase price is approximately $25 million which was paid through the issuance of 29,411,765 shares of the Company's common stock.
Tri-Diamond Staffing had sales of approximately $77 million for the nine-month period ended September 30, 2010, with approximately $1.8 million in pre-tax income for the same period. The company has 23 offices throughout the United States.
“We are pleased by the addition of Diamond Staffing Services,” said Jay H. Schecter, Chief Executive Officer of the Company. Mr. Schecter continued, “This acquisition will only serve to strengthen the business of Corporate Resource Services.”
The transaction was reviewed and approved by a special independent committee of the Board of Directors. The special committee received a fairness opinion from The BVA Group LLC, which indicated that the purchase price paid by the Company for Tri-Diamond, 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.About Corporate Resource Services Through its four wholly-owned subsidiaries, Accountabilities, Corporate Resource Development, Insurance Overload Services and Integrated Consulting Group, Corporate Resource Services is a national provider of diversified staffing, recruiting and consulting services, including temporary staffing services, with a focus on light industrial services, the insurance industry and clerical and administrative support. The Company provides its services across a variety of industries and to a diverse range of clients ranging from sole proprietorships to Fortune 1000 companies. The Company conducts all of its business in the United States through the operation of over approximately 50 staffing and recruiting offices.
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