Futuris Company Issues Letter to Shareholders
Provides a year-in-review, corporate initiatives and vision for 2021
FAIRFAX, Va., Dec. 16, 2020 /PRNewswire/ -- Futuris Company (OTC: FTRS) ("Futuris" or the "Company"), a Human Capital Management (HCM) company focused on the acquisition and operation of Executive Search, Staffing and Consulting Companies and Technology Services, today issued a letter to shareholders from its President, Kalyan Pathuri, providing a year-in-review, corporate initiatives and vision for 2021.
Dear Shareholders:
In August 2020, we successfully announced the closing of our share exchange agreement with Mission Mining Co. We subsequently changed our name to Futuris Company, symbol to 'FTRS' and reverse split our share price. These critical milestones were the first of many as we continue to make progress towards becoming a fully reporting public company with the U.S. Securities and Exchange Commission (SEC). We continue to work feverishly on several other key aspects of our evolution as a public company that we anticipate being resolved at the latest during the first half of 2021.
Futuris Company was created with the vision to acquire and operate undervalued Executive Search, Staffing and Consulting Companies that specialize in professional service verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Human Resources through a public company platform. We see tremendous opportunity in the staffing industry for not only consolidation, but to also make strategic investments in undervalued assets with option to acquire in a combination of cash, equity and/or debt in the best interest of our shareholders.
Our business model is uniquely structured to build a premium staffing organization by providing diversified staffing services leveraging our five core pillars – 1) strategic and disciplined acquisitions, 2) consolidation of technologies and back office infrastructure synergies, 3) streamlining of corporate overhead through consolidation, 4) market branding and leadership in high growth staffing markets, and 5) cross-selling synergies amongst the diversified service offerings.
All of our acquisition targets have existing revenue and through the integration of their operations and cost efficiencies, are highly accretive achieving economies of scale. The first acquisition we closed was Pioneer Global, Inc., a U.S. staffing services company providing a variety of staffing solutions to various businesses and organizations, helping them improve their business performance through cutting-edge technologies. By providing world-class staffing on a temporary, temporary-to-hire, and direct-hire basis, Pioneer Global has generated approximately $5 million in revenue for the trailing twelve months.
Our second acquisition closed was TalentBeacon International, a consulting and delivery organization for global talent acquisition, management and retention solutions. TalentBeacon's central area of expertise is deep knowledge of how international talent acquisition can be leveraged to help companies achieve their growth targets, while providing highly consultative and collaborative insights into the opportunities and challenges of working in, and from, these locations.
Our acquisition pipeline continues grow, with very interesting opportunities, collectively totaling over $300 million in annualized revenue. All of these acquisitions are private and as such extensive due diligence and negotiation is required to close. We are managing diligently through this process and as we execute agreements, we will be notifying our investors.
Suffice it to say, the staffing industry remains a very large and relatively stable even amidst the global pandemic. According to the American Staffing Association / U.S. Bureau of Economic Analysis, U.S. companies employ over 17 million temporarily and contract employees annually, which has grown consistently each year since 2014. In healthcare alone, which is a core vertical of ours, the total addressable market is estimated to be $45.2 billion by 2026.
There remains no shortage of opportunities as we head into 2021. We look forward to closing several other acquisitions in the new year and continuing to bolster our staffing portfolio. In addition to completing our audit for the fiscal year ending July 31, 2020, there are several other important corporate governance initiatives that are a priority for our team (update below).
Lastly, we are continuing to improve our communications practices for complete transparency with our shareholder base including relaunching our corporate and investor relations website as well as unveiling new social channels. We thank all our shareholders for their continued support and belief in the future vision of Futuris Company.
Please find below further company updates. Happy safe and healthy new year and look forward to a prosperous 2021.
Sincerely,
Kalyan Pathuri, President
Appointment to Executive Management Team:
In anticipation of continued growth in 2021 and beyond, Futuris Company has made a dedicated effort acquiring talent for the executive management team and Board of Directors. Upon closing of the Company's share exchange agreement Kalyan Pathuri was appointed as President and Amit Jain as CFO - link. Additionally, in September 2020, the Company appointed Kalyan Pathuri and Larry Gaffey to its Board of Directors – link.
Recently, the Company appointed Allan Hartley as a Board Advisor. Mr. Hartley is a serial entrepreneur and staffing industry expert that has held numerous leadership positions for both public and private companies. Most recently, he was the founder and CEO of Hire Technologies (TSX.V: HIRE), formerly Bay Talent Group. Prior to that, Mr. Hartley was founder and CEO of Staffing 360 Solutions (NASDAQ: STAF), founder and President of AccountAbilities, which was listed on the OTC before being sold, founder and CEO of Creative Financial Staffing; that partnered with CPA firms worldwide to put them in the staffing business and started and managed KForce's (Romac) national contract division and is on Nasdaq (KFRC). He started his career at Robert Half in Boston (Nasdaq – RHI). During his career, notably, Mr. Hartley was contracted to manage Norrell's professional staffing group in preparation for merger with Spherion.
Corporate Governance:
Closing of the share exchange agreement was a critical first milestone in becoming a public company. Since, then the Company has continued to take a number of corporate governance steps including filing its updated financial statements with the Securities and Exchange Commission (SEC) and working closely with the Over the Counter (OTC) Exchange to resolve its dark designation as well as updating its company profile. These outstanding corporate governance steps are anticipated to be completed by the beginning of 2021.
Enhanced Corporate Communication:
In additional to engaging KCSA Strategic Communications as Investor Relations Counsel, upon closing of the Share Exchange Agreement, we engaged Preya Narain as Social Media Manager and Corporate Advisor.
We are in the process of relaunching our new corporate website. In the meantime, please follow us on the following social media channels to get the latest information on Futuris Company:
About Futuris Company
Futuris is a Human Capital Management (HCM) company focused on the acquisition and operation of Executive Search, Staffing and Consulting Companies that specialize in professional service verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Human Resources. The Company is committed to building a global staffing company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Futuris Company with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Contact Information
Futuris Company
Email: [email protected]
Phone: 347-837-0626
SOURCE Futuris Company
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