HANOVER, Md., Jan. 6, 2004 (PRIMEZONE) -- Humana Trans Services Holding Corporation (OTCBB:HTSC) (www.humanaservices.com), a principally engaged firm involved in employee leasing and recruitment services, is pleased to announce that the firm's operating subsidiary Humana National Program Administrators has proceeded on its intention to acquire Stratford, CT.-based Personnel Management Solutions, a firm involved in temp-to-perm staffing and payroll administration.
The transaction, which is comprised of cash and stock, is expected to close in February after the completion of due diligence protocol. Concurrent with the deal's closure, the partners of Personnel Management Solutions will receive employment contracts with Humana National. In the meantime, both entities have engaged into an exclusive management agreement allowing PMS to operate under the Humana umbrella.
The aforesaid agreement will play a vital role in helping PMS convert all existing payroll and human resource processing into the Humana software platform. In turn, Humana will pay the partners of PMS a royalty fee until the purchase is finalized. This arrangement will give both parties an opportunity to realize seamless integration of PMS clientele into the Humana processing network.
"Moving forward, 2004 is shaping up to be a promising year for Humana and its shareholders," said John Daly, President of Humana Trans Services. "Completion of the Personnel Management Solutions transaction is crucial for the company. This deal along with other exciting initiatives in the works gives Humana a larger presence and an established group of professionals to provide payroll and human resource management solutions."
Other News
On Jan. 8, Humana Trans will hold its monthly board meeting where it will name new members to the firm's Board of Directors. Additional affairs will involve expansion to Humana's business activities.
About Humana Trans Services Holding
Humana Trans, with corporate headquarters in Hanover, Maryland, maintains branch offices in Connecticut, Florida and Pennsylvania. The firm is a principally engaged entity involved in employee leasing and recruitment services. Humana, through its operating subsidiaries, is focused on the transportation industry and currently operates in SIX states. The company looks to grow its business internally or through strategic acquisitions. With the formation of Humana National Program Administrators, the company is creating a foundation to launch its next phase of administration services. Clients of the company include Cardinal Health, Owens & Minor, Penske Logistics, Royal Ahold (and several of its subsidiaries that includes Giant Food Stores) and Safeway. Humana has a proven management team that is comprised of veterans from Coach USA, U.S. Delivery and Deloitte and Touche.
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