SOUTH PLAINFIELD, N.J., Jan. 24, 2007 (PRIME NEWSWIRE) -- Management Services, Inc. (Pink Sheets:MGSV) today announced that it has successfully consummated its acquisition of Stable Management, Inc. ("SMI"). SMI, based in Mays Landing, N.J., is involved in the management and operation of Standardbred harness racing stable operations. MGSV acquired 100% of all the issued and outstanding shares of SMI in exchange for restricted shares of MGSV. SMI will operate as wholly owned subsidiaries of MGSV.
Ronald C. Pilatsky, President and CEO of SMI was quoted as saying, "The Standardbred harness racing industry is now poised for a turnaround after a generation of decline and many lean years. Stable Management's unique business model, involving the management of harness racing stables, was designed to maximize and diversify the various investment benefits while greatly reducing the financial risks. We are excited for the opportunity to be joining the growing MGSV team. And, we will be aggressively moving forward to being able to add shareholder value to the Company."
MGSV previously announced plans to acquire a group of private affiliated companies involved in the exporting and marketing of privately labeled and manufactured natural foods. After careful review, all parties agreed to terminate negotiations and MGSV rescinded the proposed acquisition. It was mutually determined that the transaction was no longer in either company's interest.
MGSV plans to continue to explore strategic alternatives to enhance future shareholder value including; joint ventures, mergers or acquisitions. The management team and the board of directors of MGSV continue to make every effort possible to help shareholders achieve the greatest value for their investment.
Any forward-looking statements contained in this release reflecting management's best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors including but not limited to the Company's ability to enter into various financing programs, roll-up business acquisitions and competition from other companies.