CLEVELAND, May 26, 2010 (GLOBE NEWSWIRE) -- SearchPath HCS, Inc. (Pink Sheets:SRCP), a Human Capital Solutions Company, today announced that effective May 25, 2010 the Company executed a Share Exchange Agreement ("Exchange Agreement") with Thomas K. Johnston, the Company's Chief Executive Officer.
The terms of the Exchange Agreement state that the Company will purchase and accept from Mr. Johnston all right, title and interest in and to 500,000,000 shares of SearchPath HCS's Common Stock in exchange for 100,000 shares of SearchPath HCS's Series A Preferred Stock, which the Company recently authorized.
"This Corporate Action is designed to provide SearchPath with more flexibility to raise capital, form strategic alliances and facilitate future acquisitions and organic growth," commented Thomas K. Johnston, CEO of SearchPath HCS, Inc.
SearchPath HCS, Inc. www.searchpathhcs.com is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) www.searchpath.com.
SPI is a U.S.-based talent acquisition professional services firm, with more than 75 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects,'' "forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.