CINCINNATI, June 6, 2006 (PRIMEZONE) -- Resolve Staffing (OTCBB:RSFF), a national provider of human resource outsourcing services, is pleased to announce that the Cohen Independent Research Group has published an updated research report for Resolve Staffing. The updated research report reiterates a "Buy" rating for Resolve and a revised target price range of $3.71 to $4.76. The updated report can be seen at www.cohenresearch.com.
Cohen Independent Research Group, an independent research firm led by D. Paul Cohen, has recently published an update to its comprehensive research report on Resolve Staffing. The favorable report was updated with a reiterated "Buy" rating and a revised target price range of $3.71 to $4.76 as per Cohen's base case forecast. The report went on further to state: "The impressive synergies derived from previous acquisitions have led to vigorous revenue growth in the preceding quarters. Furthermore, a strengthening position in the expanding medical staffing market, an impending merger with ELS, and the acquisitions of numerous other staffing firms in diverse geographical locations, in our view, is likely to boost revenues going forward. The Company's initiative to obtain Amex listing and an enhancement of the management team support our optimism for the stock."
Ron Heineman, CEO of Resolve Staffing, said, "This report clearly demonstrates that Resolve has the expertise and growth potential to offer a good value to investors. Resolve has demonstrated this growth potential through 2005 and the first part of 2006. We have positioned this company for continued growth. From our carefully selected management team and board of directors, to our strategic partnership and pending merger with ELS, to our recently upgraded computer software systems, Resolve has the infrastructure in place for continued growth. With first quarter sales over $17 million, we continue to show aggressive growth. Furthermore, we expect profitability for 2006. With the recently announced acquisition of Star Personnel, Resolve is now on track for annualized sales of approximately $100 million, excluding pending or future acquisitions."
About Resolve Staffing, Inc.
Resolve Staffing is a national provider of outsourced human resource services. With 61 offices reaching from New York to California, the Company provides a full range of supplemental staffing and outsourced solutions, including solutions for temporary, temporary-to-hire, or direct-hire staffing in the medical, trucking, garment, clerical, office administration, customer service, professional and light industrial categories. For additional information on Resolve Staffing visit our website www.resolvestaffing.com.
This press release contains forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. These risks and uncertainties may cause the actual results of the Company to be materially different from any future results expressed or implied. Factors that could affect future results include economic conditions in the Company's service areas, the effect of changes in the Company's mix of services on gross margin, the Company's ability to successfully integrate acquired businesses with its existing operations, future workers' compensation claims experience, the effect of changes in the workers' compensation regulatory environment in one or more of our primary markets, and collectibility of accounts receivable, among others. Other important factors that may affect the Company's future prospects are described in the Company's 2004 Annual Report on Form 10-K. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements may be less reliable than historical information. The Company undertakes no obligation to update or revise forward-looking statements in this release to reflect events or changes in circumstances that occur after the date of this release.