FOR IMMEDIATE RELEASE: January 3, 2001
CONTACT: Kevin Hardy Madeleine Franco
Chief Financial Officer Jordan Richard Assoc.
SOS Staffing Services, Inc. 801-268-8610
801-484-4400 [email protected]
[email protected]
SOS STAFFING SERVICES, INC. ANNOUNCES SALE OF INTELIANT
CORPORATION'S CONSULTING DIVISION
SALT LAKE CITY, UTAH--SOS Staffing Services, Inc. (NASDAQ/NMS: SOSS) today
announced the sale of Inteliant Corporation's consulting division to Herrick
Douglass, Inc. (Seattle), a privately held information technology consulting
company. Inteliant Corporation is a wholly owned subsidiary of SOS, specializing
in information technology consulting, staffing and outsourcing services. The
consulting division represented about 38% of Inteliant's revenues and
approximately 9% of SOS's consolidated revenues for fiscal year 2000. The
transaction closed on December 29, 2000.
"The transaction is a good fit for the business and its employees. The sale of
the IT consulting division will allow SOS to focus on its core competency of
staffing, while continuing to provide staffing and project services to the IT
segment through Impact, the retained portion of Inteliant," said JoAnn Wagner,
chairman, president and chief executive officer of SOS.
Charles Herrick, president of Herrick Douglass, Inc., said, "The addition of
Inteliant's consulting division business and talented employee base will provide
critical mass to our growth strategy. Inteliant's consulting division service
offerings are complementary to our existing business. The unification of the
companies will make us one of the West's finest information technology and
software implementation consulting companies."
SOS Staffing Services, Inc., with its subsidiaries and divisions, is a provider
of commercial and information technology staffing, outsourcing and
employment-related services, operating through a network of approximately 150
offices.
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IMPORTANT NOTE: Statements in this press release that are not purely historical
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements encompass the Company's beliefs,
expectations, hopes or intentions regarding future events. Words such as
"expects," "intends," "believes," "anticipates," "likely" and other words of
similar meaning also identify forward-looking statements. All forward-looking
statements included in this release are made as of the date hereof and are based
on information available to the Company as of such date. The Company assumes no
obligation to update any forward-looking statement. Readers are cautioned that
all forward-looking statements involve risks, uncertainties and other factors
that could cause the Company's actual results to differ materially from those
anticipated in such statements, including: the Company's ability to attract and
retain the staff, temporary and other employees needed to implement the
Company's business plan and to meet customer needs; the Company's ability to
integrate the operations of acquired businesses; economic fluctuations; existing
and emerging competition; and changes in demand for the Company's services. Risk
factors, cautionary statements and other conditions, including economic,
competitive, governmental, and technology factors, which could cause actual
results to differ from the Company's current expectations are discussed in the
Company's Annual Report on Form 10-K and other reports filed with the Securities
and Exchange Commission.
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