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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): . . . . . . . February 7, 1997
STAFFMARK, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-20971 71-0788538
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
302 East Millsap Road
Fayetteville, Arkansas 72703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: . . . . . . . (501) 973-6000
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Item 5. Other Events
On February 7, 1997, StaffMark, Inc. (the "Company") completed the
purchase of all of the outstanding capital stock of MRIC Medical Recruiters
International, Ltd., a British Columbia corporation ("MRIC"), through its
wholly-owned subsidiary, 533993 Ltd., a British Columbia corporation. MRIC
provides medical personnel recruitment and placement services throughout North
America, the United Kingdom, and New Zealand. MRIC is headquartered in
Vancouver, British Columbia.
Item 7. Financial Statements and Exhibits
(c) Exhibits. The following exhibits are filed with this Form 8-K:
99.1 Press Release dated February 10, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STAFFMARK, INC.
(Registrant)
Date: February 20, 1997 By: /s/Terry C. Bellora
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Terry C. Bellora
Chief Financial Officer
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EXHIBIT INDEX
99.1 Press Release dated February 10, 1997.
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EXHIBIT 99.1
NEWS RELEASE
STAFFMARK, INC. ACQUIRES MEDICAL RECRUITERS INTERNATIONAL CANADA
FAYETTEVILLE, AR -- StaffMark, Inc. (NASDAQ/NM:STAF), a leading diversified
personnel staffing company, announced today that is has expanded its business
into Canada by completing the acquisition of Medical Recruiters International
Canada (MRIC), a medical recruitment firm headquartered in Vancouver, British
Columbia, with recruiting offices in Toronto, Ontario, and London, England.
This marks StaffMark's fifth acquisition since its IPO in the Fall of 1996.
MRIC, with $2 million in 1996 revenues, will be part of StaffMark's Specialty
Medical Division, headed by executive vice president, Jack Maxwell, and will be
accounted for as a stock purchase. The Company expects this acquisition to
have a positive impact on 1997 EPS. Terms of the transaction were not
disclosed.
"MRIC is consistent with our strategy to acquire clinical and specialty medical
staffing firms in targeted markets," said Clete T. Brewer, president and chief
executive officer of StaffMark. "MRIC is Canada's largest and most experienced
medical therapist recruitment firm. The expertise and experience of MRIC
president Brad Carpenter and his team will be very valuable to StaffMark as we
continue to increase our position in the specialty medical field."
"MRIC specializes in the recruitment and placement of physical and occupational
therapists throughout North America, the United Kingdom, and New Zealand,"
added Brewer. "With the addition of MRIC to StaffMark's expanding Specialty
Medical Division, we expect to more than double the number of physical and
occupational therapists we will place in 1997."
"As the demand for physical and occupational therapists continues to grow each
year, relocating people across international borders has become increasingly
important. There is a tremendous amount of synergy across international
borders has become increasingly important. There is a tremendous amount of
synergy associated with this acquisition as both StaffMark and MRIC have
extensive experience in assisting therapists with licensing and visa
coordination. In addition, we will be able to leverage off of these
international recruiting offices and existing visa processes for recruitment in
our Professional/IT Division."
StaffMark, Inc. is a leading provider of diversified staffing service to
businesses, professional, medical niches, professional and service
organizations, and governmental agencies, primarily in growth markets in the
southeastern and southwestern United States. The Company has operations in
Arkansas, Colorado, Georgia, missouri, North Carolina, Oklahoma, South
Carolina, Tennessee, Virginia, and British Columbia.
This release contains forward-looking statements which involve risk and
uncertainties with respect to growth opportunities and their impact on 1997
earnings. The Company's actual results could differ materially from the
results anticipated in these forward-looking statements
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as a result of loss of existing customers, loss of key management, unexpected
costs, or operational problems and those certain risk factors set forth under
"Risk Factors" and elsewhere in the Company's Prospectus dated September 26,
1996, made under the Securities and Exchange Act of 1934.
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