Navigation Links
TeamStaff Announces Agreement to Sell Its Travel Healthcare Subsidiary
Date:12/29/2009

SOMERSET, N.J., Dec. 29 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq: TSTF), a leading healthcare and logistical staffing provider serving the Federal Government, today announced that it has reached a definitive agreement to sell certain assets of its travel nursing and allied healthcare subsidiary, TeamStaff Rx, Inc. to Advantage RN, LLC. TeamStaff Rx is located in Clearwater, Florida. The transaction is structured as an all cash purchase which is expected to close on or about January 4, 2010. The effective date of the transfer of employees was December 28, 2009. Other terms of the transaction were not disclosed.

TeamStaff's travel healthcare subsidy will be accounted for as discontinued operations when the company reports fourth quarter and fiscal year end results. The company plans to file an extension with the Securities and Exchange Commission for the filing of its Annual Report on Form 10-K and expects to report fourth quarter and year end results on or about January 13, 2010.

Commenting on the transaction, Rick J. Filippelli, TeamStaff's President and CEO, said, "The divestiture of TeamStaff Rx will allow the Company to focus on its core business, TeamStaff Government Solutions ('GS'), which provides human capital solutions to government agencies. TeamStaff plans to use the sales proceeds to help fund the development and expansion of GS."

Commenting on the acquisition, Mathew Price, Advantage RN's President and CEO added, "We believe our acquisition of TeamStaff Rx, which includes a strong presence in the Allied segment of Healthcare Staffing, will provide synergy with our Travel Nurse and Locum Tenens divisions to support our vision of providing our hospital clients with a complete solution to their supplemental staffing needs. Additionally, we feel that the industry knowledge, management talent, and existing hospital relationships at TeamStaff Rx will complement our internal team at Advantage RN to meet the industry challenges of 2010 and continue our strong historical growth rate as the US economy improves."

About TeamStaff, Inc.

Headquartered in Somerset, New Jersey, TeamStaff through its subsidiary, TeamStaff Government Solutions, specializes in providing medical, logistic, information technology and office administration professionals through nationwide Federal Supply Schedule contracts with both the United States General Services Administration and the United States Department of Veterans Affairs. For more information, visit the TeamStaff web site at www.teamstaff.com.

About Advantage RN, Inc.

Advantage RN is a Joint Commission-certified travel nurse staffing company providing RNs and surgical technicians to hospitals for 8-13+ week travel assignments. Established in 2003 and headquartered in Cincinnati, OH, the company currently has hundreds of nurses on staff in all specialty areas and an industry-leading retention rate averaging 76%. Staffing Industry Analysts, Inc., recently ranked Advantage RN as "one of the fastest growing staffing companies" in the country (July, 2009). In addition to its Ohio presence, Advantage RN offices can be found in Asheville, NC; Deerfield Beach, FL; Omaha NE; and Sheridan WY.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains "forward-looking statements" as defined by the Federal Securities Laws. Statements in this press release regarding TeamStaff, Inc.'s business, which are not historical facts are "forward-looking statements" that involve risks and uncertainties. TeamStaff's actual results could differ materially from those described in such forward-looking statements as a result of certain risk factors and uncertainties, including but not limited to: our ability to recruit and retain qualified healthcare professionals and administrative staff upon acceptable terms; our ability to enter into contracts with hospitals, healthcare facility clients, government agencies and other customers on terms acceptable to us and to secure orders related to those contracts; changes in the timing of customer orders for placement of temporary professionals and administrative staff; the overall level of demand for our services; our ability to successfully implement our strategic growth, acquisition and integration strategies; the effect of existing or future government legislation and regulation; the loss of key officers and management personnel that could adversely affect our ability to remain competitive; other regulatory and tax developments; and the effect of other important factors disclosed previously and from time-to-time in TeamStaff's filings with the U.S. Securities Exchange Commission. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year. The information in this release should be considered accurate only as of the date of the release. TeamStaff expressly disclaims any current intention to update any forecasts, estimates or other forward-looking statements contained in this press release.

SOURCE TeamStaff, Inc.


'/>"/>
SOURCE TeamStaff, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. TeamStaff Awarded $3.3 Million Contract
2. TeamStaff Announces Transfer to Nasdaq Capital Market
3. TeamStaff Announces Revised Business Strategy; Chief Executive Officer to Step Down on Completion of Search For Successor
4. TeamStaff Receives Nasdaq Deficiency Notice Related to the Market Value of Its Publicly Held Shares
5. TeamStaff Reports Third Quarter Results
6. TeamStaff, Inc. To Announce Third Quarter Results
7. TeamStaff Reports Second Quarter Results
8. TeamStaff Rx Signs Staffing Agreement With One of the Nations Largest Healthcare Services Networks
9. General Services Administration Awards Information Technology Schedule Contract to TeamStaffs Government Staffing Subsidiary
10. TeamStaff Promotes Kevin Wilson to President of Government Staffing Subsidiary
11. TeamStaff, Inc. Reports Preliminary Second Quarter 2008 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... TX (PRWEB) , ... October 13, 2017 , ... ... planning agency serving communities in the greater Dallas, Miami, and Raleigh regions, is ... boy fighting to overcome a rare and deadly chromosome abnormality. , After struggling ...
(Date:10/13/2017)... ... October 13, 2017 , ... While it’s often important to take certain ... inventor from Austin, Texas, has identified a solution. , She developed a prototype for ... lighting. As such, it eliminates the need to turn on a light when taking ...
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a ... utilizing Purzorb™ technology. Applying the Purzorb™process to full spectrum CBD oil will revolutionize the ... a CBD form that can be easily incorporated into liquid products, while reducing costs ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Apple Rehab ... services, staged a mock evacuation of the facility as part of a disaster drill ... Department, Echo Hose EMS and Shelton City Emergency Manager, as well as the ...
(Date:10/13/2017)... ... , ... Ellevate Network, the leading network for professional women, brought together some ... at their inaugural Summit in New York City in June. The event was livestreamed ... over 3 million. To watch the Mobilize Women video, click here . ...
Breaking Medicine News(10 mins):
(Date:10/11/2017)... 2017  BioPharmX Corporation (NYSE MKT: BPMX) researchers were ... innovative way to use nonlinear optical imaging to confirm ... drugs. A ... show how researchers from BioPharmX and the Wellman Center ... a suite of imaging techniques in what is called ...
(Date:10/10/2017)... Calif. , Oct. 10, 2017  NDS received FDA 510(k) ... — a medical-grade battery-powered display stand specifically designed for endoscopy environments. ... transform technology into a clinical solution to support the improvement of ... Innovative Design ... Mobile Wireless Solution ...
(Date:10/4/2017)...  South Korean-based healthcare product Development Company I.M. Lab ... Kickstarter. The device will educate the user about ,proper, ... efficiency compared to the dated and pricey CPR training ... of the compression for a more informed CPR training. ... raise $5,000. cprCUBE ...
Breaking Medicine Technology: