HANOVER, Md., Dec. 27, 2004 (PRIMEZONE) -- Humana Trans Services Holding Corporation (OTCBB:HTSC) (http://www.humanaservices.com) announces that it has entered into a Letter of Intent with The HR Resource Company, Inc. of Newport Beach, California.
Pursuant to the terms of the Letter of Intent, Humana Trans Services Holding Corp will acquire all the issued and outstanding shares of common stock of The HR Resource Company. As part of the transaction, the acquisition company will secure a minimum of $3,500,000 for the combined entity, to be used for the retirement of debt and future acquisitions by the combined entity. In addition, the management of The HR Resource Company will assume control over the Company subsequent to the completion of the immediate transaction, with a transition period with the current management.
The transaction is subject to a number of closing conditions, including but not limited to execution of definitive agreements between the parties, completion of mutual due diligence, board and shareholder approvals and certain other conditions. The transaction is expected to close during the first calendar quarter of 2005.
The HR Resource Company, Inc. is building a nationally branded platform to deliver HR services through a growth strategy of acquisitions. The strategy is aimed at developing a proprietary "high-touch" distribution channel of HR consultants and creating a platform capable of delivering compliance, benefits, payroll, training and recruiting solutions on a in-sourced, co-sourced or project basis. The management team of The HR Resource Company includes Todd Parker, Co-CEO and President, currently a partner at Hidden River Ventures LLC. He held senior executive positions at Airtouch where he managed a subsidiary with over 200 employees and participated in over 30 acquisitions through its sale to Vodafone. Additionally, Mr. Parker built and sold HR One a leading online HR solution. David Hirschhorn, Co-CEO and President has managed and/or consulted in many transactions. He has been CEO and chairman of a number of turnarounds and start-up companies. The entire senior management team has an established track records of building successful businesses and the relationships required to peruse its acquisition strategy, extend the depth and breadth of Humana Trans Services Holding Corp. and The HR Resource Company's offerings, build its infrastructure and further the marketing reach of its consultants.
About Humana Trans Services Holding Corporation
Established in 2001, Humana is a fully reporting, publicly traded company listed currently on the over-the-counter (OTC) market under the symbol "HTSC". The company is primarily engaged in employee leasing and recruitment services in five states and maintains its corporate offices in Hanover, MD, with operations in the Northeast and Florida. HTSC currently provides human resource (HR) outsourcing principally to the transportation industry and to leading Fortune 500 companies including Cardinal Health, Penske Logistics and Royal Ahold.
The statements which are not historical facts contained in this press release are forward looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, changes in the market for Internet or distribution services, regulatory and technological changes, economic factors, increased competition, foreign currency devaluation, foreign market risk, and the nature of supplier of customer arrangements which become available to the Company in the future. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement. The words "intend," "expect," "should," "project," and "anticipate," and similar expressions identify forward looking statements. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date they were made.