Staffing 360° solutions announces commencement of operations
New york--(business wire)--staffing 360° solutions (golden fork corporation d/b/a staffing 360° solutions) (otcbb: gdnf) today announced its commencement of operations in the international staffing sector pursuant to a consolidation business model. staffing 360° solutions anticipates initially acquiring a platform company concurrent with an alternative public offering as it pursues the acquisition of a broad spectrum of staffing agencies in the it, financial, accounting, healthcare and banking industries. the overall high growth staffing market is highly fragmented with an estimated 15,000 companies generating less than $20 million in revenues in the united states alone. the 50 largest staffing companies in the u.s. generate approximately 40% of annual industry revenues. staffing 360° is committed to creating a major international publicly-held staffing organization with diversified staffing services through this targeted accretive acquisition strategy. “staffing 360° has developed a significant pipeline of acquisition targets with the overriding objective of obtaining a minimum of $250 million in annualized revenues within three years,” stated allan b. hartley, ceo of staffing 360° solutions. “although no guarantees can be made that we will acquire the companies necessary to meet our targets, we strongly believe that the current macro-economic environment, combined with our highly experienced management team, will allow us to fully execute our aggressive growth plan.” staffing 360° believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. the company’s veteran management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, and has significant experience in locating and evaluating prospective target companies. management at staffing 360° believes the opportunity exists to build a high growth, large, dominant publicly held franchise by combining many smaller entities in the major u.s. and european markets. a.j. cervantes, president of staffing 360° solutions, noted, “it is our opinion that the staffing industry represents a momentous opportunity for consolidation due to the characteristics of a highly fragmented market that is experiencing a unique set of growth drivers due to the global economic downturn and the necessary, but slow recovery process. in general, staffing 360° demands that our target companies be profitable, with strong existing management and significant customer bases in their respective markets.” globally, staffing companies generate about $280 billion in annual revenue, according to the international confederation of private employment agencies (ciett). there are approximately 70,000 private employment services agencies around the world, with the top 10 companies accounting for about a third of industry sales. overall, europe is the largest regional staffing services market with 40% of annual revenue, followed by the united states. the management team at staffing 360° represents a unique mix of highly-qualified staffing agency and public company experience. in particular staffing 360°’s ceo is a prominent and highly experienced executive with over 25 years in the staffing industry. prior to joining staffing 360°, mr. hartley was the managing partner and founder of trendman group llc, a boston-based staffing industry consulting firm. mr. hartley also formed accountabilities, inc., a staffing company specializing in the accounting and finance fields, which went public in 2008 (otc bb acbt). as president and a member of the board of directors, he helped grow accountabilities to a $100 million revenue company. mr. hartley has also worked in various staffing industry consulting capacities including deloitte and touches’ resource connection, norell’s professional group and rsm mcgladrey’s outsourcing group. earlier in his career, he was vice president of contract services of romac international (kforce – nasdaq kfrc) and was employed by robert half international (nyse rhi), including manager of the contracts division. about staffing 360° solutions staffing 360° solutions (golden fork corporation d/b/a staffing 360° solutions) (otcbb: gdnf) is an emerging public company in the international staffing sector that intends to acquire high growth domestic and european staffing agencies. as part of its highly targeted consolidation model, staffing 360° solutions is pursuing broad spectrum staffing companies in the it, financial, accounting, healthcare and banking industries. the company believes the staffing industry offers significant opportunity to create a successful public company with a longer term objective of accretive acquisitions that will drive annual revenues to a minimum of $250 million. the initial acquisition profile is $10 million to $75 million in revenues, a minimum of $1.0 million ebitda with a concentration on professional staffing services, which generates higher margins. forward-looking statements this press release includes forward-looking statements that involve risks and uncertainties. forward-looking statements are statements that are not historical facts. such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. staffing 360° solutions expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law. in addition, no assurances can be made that staffing 360° solutions will successfully acquire any acquisition targets.
