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 earliest event reported) October 24, 1996
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CAREER HORIZONS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-23534 22-3038096
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
177 Crossways Park Drive, Woodbury, NY 11797
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 682-1400
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ITEM 5. Other Events
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On October 24, 1996, Career Horizons, Inc. (the "Registrant") issued a press
release reporting that they have acquired all of the outstanding common stock of
Legal Support Personnel, Inc., a provider of supplementary staffing, primarily
paralegals, to the legal profession.
Based in New York City, Legal Support Personnel, Inc. had revenues of
approximately $5.3 million for the year ended December 31, 1995.
Terms of the acquisition of the privately-held firm were not disclosed. The
Registrant funded the acquisition from the issuance of shares of its common
stock.
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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.
CAREER HORIZONS, INC.
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(Registrant)
Date October 29, 1996 By: /s/ Michael T. Druckman
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Michael T. Druckman
Senior Vice President,
Treasurer and Asst. Secretary
(Principal Financial and
Accounting Officer)
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CAREER HORIZONS, INC. and SUBSIDIARIES
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION
20.1 Press Release Announcing the Acquisition of Legal Support
Personnel, Inc.
For Immediate Release
Career Horizons Acquires Legal Support Personnel, Inc.
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Career Enters Legal Supplemental Staffing
Woodbury, NY-- October 24, 1996 -- Career Horizons, Inc. (NYSE: CHZ) today
announced the acquisition of Legal Support Personnel, Inc., a rapidly growing
provider of supplementary staffing, primarily paralegals, to the legal
profession. The privately held firm, headquartered in New York City, is
projected to generate revenues of approximately $10 million in 1996. Terms of
the transaction were not disclosed.
In connection with the acquisition, Legal Support Personnel has entered into
an exclusive five-year arrangement with Legal Information Technology, Inc.,
("LIT"), a company providing a full array of law department and law firm
litigation support services, including document scanning and coding as well as
case management software, for all their supplemental staffing needs.
Walter W. Macauley, president and chief executive officer of Career Horizons,
said, "The Company has been searching for a fast-growing company in the legal
supplemental staffing side of the business. With LSP, we acquired a company
well established in New York, with an aggressive growth strategy, which
coincides with our long-range plans."
Daniel Court, president of Legal Support Personnel, commented, "The
acquisition will permit Legal Support Personnel to expand to meet the
nation-wide needs of existing and prospective clients while assuring attractive
rates and benefits for its high quality temporary legal support staff. CHI is
the best partner for Legal Support Personnel's continued long-term growth and
will afford corporations and law firms additional alternatives to meet their
contract attorney and paraprofessional needs in the face of peak staffing and
long-term low cost outsourcing situations."
In addition to general supplemental staffing, Career Horizons now serves five
specialty markets: information technology, health care, legal, desktop
publishing and pharmacy. It has 592 company-owned, franchised and private
label offices operating under recognized local and regional brand names.
On August 26, 1996, Career Horizons entered into an agreement to be merged
with a subsidiary of AccuStaff Incorporated. The companies have received
notice from the Federal Trade Commission of early termination of the waiting
period under the Hart-Scott-Rodino Act. A Joint Proxy Statement/Prospectus
was recently declared effective by the Securities and Exchange Commission, and
was mailed with proxy materials on October 8, 1996 to stockholders of record
as of October 4, 1996. The special meeting for Career Horizons' shareholders
will be held on November 14, 1996. The transaction is expected to close on
the same day.
Contacts:
Career Horizons, Inc. Lundy Associates,Inc.
Michael T. Druckman Michael A. Lundy
Sr. Vice President and 201/ 660-1100
Chief Financial Officer
516/ 682-1403
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Career Horizons' Web Address: http://www.chi.com
