Business Editors
NEW YORK--(BUSINESS WIRE)--March 6, 2002
Certified Services, Inc. (OTCBB:CSRV) today announced that on November 21, 2001, it completed the acquisition of America's PEO Holdings, Inc., a New Jersey based business specializing in the Professional Employer Organization
Founded in 1997, America's PEO is a full service Professional Employer Organization providing businesses with solutions to the complex issues and responsibilities surrounding the employer/employee relationship. Services provided include payroll and tax administration management, human resources management, employee benefit management and risk management serving nearly 200 clients in 18 states. America's PEO had gross revenues of approximately $184 million for the year ended 2001. Projections for 2002 are expected to exceed $250 million in gross revenues with earnings in the $.048 to $.051 per share range on a fully diluted basis. The Company currently has approximately 4.0 million common shares issued and outstanding, of which 2.8 million are restricted.
"I am pleased that Certified Services is committed to carry on the vision to provide cost effective co-employer services to our many clients, as well as expanding the range of products and services we provide," said Paul Hopkins, America's PEO founder.
About Certified Services:
Certified Services, Inc. with offices in New York, offers co-employer services, which are provided primarily through the Company's wholly-owned subsidiary, America's PEO Holdings, Inc.
Statements in this news release that relate to future plans, financial results or projections, events or performances are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. While these statements are made to convey to the public the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent the management's opinion.
Where management believes such representations to be true and accurate based on information available to the Company at this time, actual results may differ materially from those described. In addition to the matters described in the press release, risks factors listed from time to time in the Company's SEC reports and filings, including, but not limited to, its report of Form 10-QSB for the quarter ended September 30, 2001 and its report on Form 10-KSB for year ended December 31, 2000, may affect the results achieved by the Company.