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Corporate Resource Services, Inc. Looks To Bolster Revenues, Profitability With Launch Of Joint Venture In Retail Energy Industry

Stocks in this article: CRRS

Corporate Resource Services, Inc. (OTCBB: CRRS), a diversified staffing, recruiting, and consulting services firm providing managed services and trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work, today announced its entry into the retail energy services industry with the formation of Abest Power & Gas, LLC, a joint venture between it and retail energy veteran Frank Rosa. Abest Power & Gas will operate as an energy services company (ESCO) to supply electricity and gas to residential and commercial customers in states where deregulation has offered consumers the ability to choose their energy provider.

“We are very happy to be launching this new venture with our partner, Frank Rosa,” said John Messina, CEO of Corporate Resource Services. “The deregulated energy markets represent a tremendous opportunity to offer new products to our existing customer base as commercial energy consumers, as well as expand our reach to residential energy consumers. We are confident that our employees and candidates in these markets represent potential residential customers. Also, the “purchase-of-receivables” program in many of these markets will allow us to finance our growth in an efficient manner. We feel strongly that there are many synergies with our existing business.”

“Corporate Resource Services will be an excellent partner as we build Abest Power & Gas,” said Frank Rosa, who assumes the post of CEO at Abest. “The scale of their operations and the national reach of their sales force provide us with resources that are typically unavailable to startups. This will allow us to hit the ground running and grow much more quickly than we would otherwise be able to.” Rosa has been an entrepreneur focused on the deregulated energy markets since 2007. He was an initial investor in Public Power & Utility, Inc., and was instrumental in its early growth until its acquisition by Public Power LLC. Mr. Rosa has also operated US Power Green, LLC, an energy brokerage and distributor of energy-efficient products and services. He has personally managed large portfolios of energy customers, both residential and commercial. Joining Frank at Abest will be Trevor Herbest as Chief Operating Officer. Herbest had served as COO at Public Power LLC from its inception and had managed the expansion of its footprint across three independent system operators, licensing in six states, interfacing with twelve utilities and providing energy to over 200,000 customers.

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