HANOVER, Md., June 22, 2004 (PRIMEZONE) -- Humana Trans Services Holding Corporation (OTCBB:HTSC) (http://www.humanaservices.com), announced today that it has signed a definitive agreement for a $10,000,000.00 financing. The proceeds of the financing will be used to facilitate the company's expansion plans, funding the proposed acquisitions and for working capital. This funding will also afford the company the ability to seek larger acquisitions and expand its growth strategy.
The funding is subject to a Registration Statement being filed with the Securities and Exchange Commission and being declared effective.
As previously announced, Humana has entered into acquisition agreements with Emcore Professional Employers, Inc., and Lorimar Home Care and Staffing Services, Inc. The financing will provide the funding necessary to complete the acquisitions, which when consolidated will provide payroll revenue in excess of $100,000,000, as well as positive earnings.
Ronald Shapss, Chairman of Humana stated, "Having the ability to have standby capital when seeking Merger and Acquisition candidates strengthens our position with our targets, giving us better negotiating capabilities, thus giving Humana's management the ability to make better deals, and buy better companies. This relationship will help in fulfilling our growth and shareholder appreciation plans."
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