Smart-Tek Signs Strategic Partner in PEO Business Contract valued at $20 million in annual payroll revenue
NEWPORT BEACH, Calif., July 16 /PRNewswire-FirstCall/ -- Smart-Tek Automated Services, Inc. (OTC Bulletin Board: STTN) has signed an agreement with a strategic partner wherein the partner will commit to producing $20 million in annual payroll revenue.
Kelly Mowrey, COO of Smart-Tek Automated Services, Inc., said, "Our new partner is bringing significant experience and client base to our PEO business. This agreement will promote and market our business and services to prospective business customers. We will be working together on a nationwide basis."
Please visit www.smart-tekservices.com for further information.
About Smart-Tek Solutions, Inc.:
The parent, Smart-Tek Solutions, Inc., generates revenue from the installation of security systems in construction projects. Its board is currently in negotiations to sell its original business and focus entirely on the PEO business of its wholly owned subsidiary, in order to achieve the best value for its shareholders. The original business generated $3.3 million and $3.8 million of revenue in 2009 and 2008 respectively, and $0 and ($3.1) loss of earnings in 2009 and 2008 respectively.
About Smart-Tek Automated Services, Inc.:
Smart-Tek Automated Services, Inc. provides financial services to small and medium-size businesses, relieving its clients from many of the day-to-day tasks that negatively impact their core business operations such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing: staff leasing, temporary staffing and co-employment. It not only provides core services but a wide selection of employee and employer benefits and aftermarket products.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones and marketing arrangements and plans. Estimated revenues from its Smart-Tek Solutions, Inc., subsidiary are somewhat subjective and based on information available to the Company at the time of the determination. Also, such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the continued growth of business as planned including the fruition of new agreements in hand, existing business staying intact, and our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and potential international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K for the year ended , and its subsequent filings with the SEC.
SOURCE Smart-Tek Solutions, Inc.