RESTON, Va., Sept. 25 /PRNewswire-FirstCall/ -- PRA International (Nasdaq: PRAI) announced today that it plans to relocate its corporate headquarters from Reston, Va., to the Raleigh, N.C. area by the end of 2007.
"The current headquarters in Reston is purely a corporate administrative office with no operational functions," said Terrance J. Bieker, chief executive officer. "After conducting a comprehensive analysis, we have determined that relocating to the Raleigh area will allow PRA to tap into a stronger market for operational resources, place us in closer proximity to existing and potential new clients, provide ready access to a highly qualified talent pool and reduce our infrastructure costs. To fuel our planned growth, we expect to begin aggressive hiring in October and hope to attract 500 administrative and operations employees over the next five years. North Carolina has one of the fastest growing workforces in the United States and we are pleased to take advantage of the low employee turnover rate and the quality of life. We believe this move to Raleigh will position us well to achieve our future growth targets."
The move affects 37 people located in or working regionally out of the Reston office. Most employees have been invited to move and the Company awaits their final decision. Of those unable to move, some will become home based and a few others will relocate to the Company's offices in Charlottesville, Va., where the Company plans to continue some of their corporate support services. PRA expects to take a charge of approximately $1.7 million associated with this relocation of its corporate headquarters.
PRA announced July 25, 2007 that it had entered a definitive merger agreement with affiliates of Genstar Capital, a private equity firm based in San Francisco. The merger is expected to close in the fourth quarter of 2007. The plans to relocate the headquarters are independent of the merger transaction.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that are subject to risks and uncertainties relating to PRA International's future financial and business performance, as well as any other predictive statements that depend on future events or conditions, or that include words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "may," "will," "estimate" or similar expressions of futurity. You should not place undue reliance on any forward-looking statements, which represent the Company's statements only as of the date of this news release and are not intended to give any assurance as to actual future events. Factors that might cause future events to differ include: the ongoing need for early and late phase drug development services; project cancellations and timing issues; our ability to attract and retain qualified personnel; our ability to continue providing our services effectively, including the quality or accuracy of the data or reports provided and our ability to meet agreed-upon schedules; the ability and willingness of our clients to continue to spend on research and development at rates comparable to or greater than historical levels; trends or events affecting the CRO industry and the demand for CRO services; government regulation, including regulatory standards applicable to CRO services; evolving industry standards and technological changes; and general business and economic conditions. Events relating to PRA International could differ materially from those anticipated in these forward-looking statements. Although these statements are based upon assumptions Company management believes to be reasonable based upon available information, they are subject to the foregoing risks and uncertainties as well as those described more fully in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our annual report on Form 10-K. This document can be accessed in the SEC's EDGAR database found at http://www.sec.gov. Please note that PRA International assumes no obligation to update any of the forward-looking statements in this release, except as required by applicable securities laws.
About PRA International
PRA International is one of the world's leading global clinical development organizations, with over 2,700 employees working from offices in North America, Europe, South America, Africa, Australia and Asia.
To learn more about PRA International, please visit http://www.prainternational.com or call our World Headquarters at +1 (703) 464-6300.
|SOURCE PRA International|
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