Ablest Inc. Announces Receipt of Going Private Proposal at $7.50 Per Share
January 23 2007 - 4:12PM
PR Newswire (US)
TAMPA, Fla., Jan. 23 /PRNewswire/ -- Ablest Inc. (AMEX:AIH) today
announced that its Board of Directors had received a proposal from
certain existing investors, including Charles H. Heist, III, the
Company's Chairman of the Board, Kurt R. Moore, the Company's
President and Chief Executive Officer, The Burton Partnership (QP),
Limited Partnership and The Burton Partnership, Limited
Partnership, to acquire all of the Company's publicly held common
stock for $7.50 per share in cash. The Company's Board of Directors
has formed a Special Committee of four independent directors to
review and evaluate the proposal and any strategic alternatives to
the proposal that may be available to the Company. The Company
cautions its stockholders and others considering trading in its
securities that its Board of Directors has just received the
proposal, and that the process of considering the proposal is only
in its beginning stages. The Special Committee will proceed in an
orderly and timely manner to consider the proposal and its
implications. The Special Committee has not made a determination
whether a transaction is in the best interests of the Company and
its stockholders or whether the Company should pursue any available
alternative to the proposal. Accordingly, there is no assurance
that the Company will enter into this or any other transaction.
About Ablest Ablest is a leader in workforce services; creating and
delivering local solutions that enable companies to compete and win
in an ever-changing business world. Services are provided through
its Staffing Services and Professional Services Divisions. Staffing
Services offers customers a range of employment services in the
office and light industrial sectors including employee assessment
and selection, training, managed services and vendor-on- premise
(VOP) programs. Professional Services offers employment and
consulting services in the Information Technology and Finance and
Accounting sectors. Ablest's Services focus on improving customer
performance in the areas of quality, efficiency and cost-reduction
within their workforce. Ablest supplies more than 37,000 field
employees and consultants to approximately 2,000 businesses
annually through 60 locations in the Eastern and Southwestern
United States. Statements made in this news release, other than
those concerning historical information, should be considered
forward-looking and subject to certain risks and uncertainties,
which could cause actual results to differ materially from those
projected. Readers should carefully review and consider
disclosures, including periodic reports on Forms 10-K and 10-Q
filed with the Securities and Exchange Commission, which attempt to
advise interested parties of the factors which affect the Company's
business. DATASOURCE: Ablest Inc. CONTACT: John Horan, Vice
President and Chief Financial Officer of Ablest Inc.,
+1-813-830-7700, or
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