TULSA, Okla., March 21, 2007 (PRIME NEWSWIRE) -- St. Joseph, Inc. (OTCBB:STJO) announced today that the due diligence process for the acquisition of two privately held companies (as announced February 20, 2007) is proceeding on schedule. Gerry McIlhargey, President stated, "The Company has raised $200,000 as bridge financing for extraordinary expenses associated with the acquisitions. Funds were raised from the sale of the Company's convertible preferred B stock to one shareholder. Convertible preferred B stock has a face value of $1.20 per share and may be exchanged one for one for common stock." The Board of Directors had authorized the sale of up to $500,000 of Convertible B stock for coverage of extraordinary expenses. However, management believes $200,000 will be an adequate amount to complete the administrative costs associated with the acquisitions.
About St. Joseph, Inc.
St. Joseph is a holding company owning subsidiaries engaged in the staffing industry. To receive dissemination of St. Joseph news, register your email address with the company at sji@stjosephinc.com. More information about St. Joseph, Inc. is available at www.stjosephinc.com.
This press release consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and actual results could differ materially from those indicated by such forward looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.