SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of event reported): February 18, 1998.
HEADWAY CORPORATE RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-23170
DELAWARE 75-2134871
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
850 Third Avenue, 11th Floor
New York, NY 10022
(Address of principal executive (Zip Code)
offices)
Registrant's Telephone Number: (212) 508-3560
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
The following press release was issued by the registrant on
February 18, 1998:
HEADWAY CORPORATE RESOURCES, INC. ANNOUNCES
THREE ACQUISITIONS
EXPANDS GEOGRAPHIC REACH AND INCREASES PRESENCE IN
INFORMATION TECHNOLOGY
NEW YORK, February 18,1998 - Headway Corporate Resources, Inc.
(Nasdaq:HDWY) today announced that it has signed letters of
intent to acquire three staffing companies in Florida, California
and New England. These acquisitions will add over $20 million to
the Company's annual revenue run-rate, bringing the Company's
total run-rate to well over $200 million.
"With these acquisitions, the Company will achieve several
milestones in its acquisition strategy. The Company will now
have a presence in Southern Florida, one of our primary target
markets," said Barry Roseman, President and Chief Operating
Officer of Headway Corporate Resources, Inc. "In addition, they
will increase the Company's presence in the rapidly growing
information technology staffing segment, and enhance our position
in two of our current markets: California and New England," Mr.
Roseman added.
"We are at a critical juncture in the development of our Company.
With $110 million in new financing, the Company will have the
resources to continue with our acquisition strategy by acquiring
these companies, as well as a number of others that we are
currently in negotiations with," said Gary Goldstein, Chairman
and Chief Executive Officer of Headway Corporate Resources, Inc.
Two of the acquisitions are expected to close by end of the first
quarter of 1998, and the third is expected to close by the end of
the second quarter of 1998. Completion of the acquisitions is
subject to negotiation and execution of definitive purchase
agreements, as well as the completion of the $110 million
financing announced earlier this month.
Headway Corporate Resources, Inc. is a leading provider of human
resources, specializing in the financial services industry.
Headquartered in New York City, Headway Corporate Resources also
has offices in North Carolina, California, Connecticut, United
Kingdom, Japan, Hong Kong and Singapore.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Except for the historical information
contained herein, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties,
including but not limited to economic, competitive, governmental
and technological factors affecting the Company's operations,
markets, products and prices, and other factors discussed in the
Company's various filings with the Securities and Exchange
Commission, including without limitation the Registration
Statement on Form S-3 (Registration No. 333-08615).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
HEADWAY CORPORATE RESOURCES, INC.
DATED: February 27, 1998 By: /s/ Barry S. Roseman,
President
