IVG Subsidiary, SES, Signs Letter of Intent to Acquire Staff Leasing Corporation

SES Continues Aggressive Consolidation With Second Acquisition Announcement In

Two Weeks



Apr 12, 2001, 01:00 ET from IVG Corp.

    HOUSTON, April 12 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board:   IVGG)
 (http://www.ivgcorp.com) today announced that its wholly owned subsidiary,
 SES-Corp., Inc. -- one of the largest full service Professional Employer
 Organizations (PEOs) in the United States -- has signed a Letter of Intent to
 acquire Staff Leasing Corporation.
     Founded in 1991, Staff Leasing Corporation is a regional PEO headquartered
 in Palos Heights, Illinois.  Employing workers in 24 states, Staff Leasing
 offers a complete suite of staffing services, including payroll processing,
 benefits administration, workers' compensation, unemployment, tax filing and
 compliance.  The company currently services over 1,200 worksite employees,
 with the core of its client base in Illinois, Indiana, Wisconsin and Iowa.
     The proposed acquisition -- expected to close in June -- strengthens SES'
 client base in the Midwestern United States and brings the company one step
 closer to achieving its aggressive consolidation goals for 2001.
     "This acquisition clearly reflects our articulated strategic plan to
 actively pursue candidates for consolidation in the PEO industry," stated
 President and CEO of SES, Mr. Dennis Lambka.  "With Staff Leasing, we enhance
 our market share in the Chicago area and gain a solid platform for expansion
 in the Midwest."
     Mr. Richard Trzupek, President of Staff Leasing added, "We are delighted
 to join SES, as we believe it possesses the right strategy of balancing
 technology development and positive cash flow to become a major player in the
 HR marketplace.  Together, we will be able to offer clients an advanced level
 of traditional services, as well as web-enabled services not previously
 available in the industry.  This will allow us to continue our outstanding
 record of growth into the future."
     Under the terms of the Letter of Intent, SES will acquire 100 percent of
 the stock of Staff Leasing in consideration for an amount of cash to be
 determined upon signing of a Definitive Agreement.  The proposed transaction
 is subject to certain conditions, including the execution of definitive
 agreements, due diligence, requisite board and shareholder approval, and
 approval from various state licensing agencies.
 
     About SES-Corp., Inc.
     SES (http://www.sesworks.com) is one of the largest full service
 Professional Employer Organizations in the United States.  Founded in 1989,
 SES offers small and medium-sized businesses comprehensive management services
 for the daily administration of human resources and employer obligations.
 These professional services include payroll and benefits administration,
 compliance management, medical and workers' compensation insurance programs,
 unemployment insurance and claims administration, recruiting and placement
 services, and training and supervisory development services.  Headquartered in
 Auburn Hills, Michigan, SES currently has 10 offices in nine states, with
 operations in 42 states servicing over 2,700 clients and approximately
 32,000 worksite employees nationwide.  SES is wholly owned by IVG Corp.
 
     About IVG Corp., Inc.
     IVG Corp. is a Houston-based human resource and technology holding company
 that acquires, develops and operates revenue-generating companies with a
 compelling business model, technology and/or proprietary service.  IVG Corp.
 provides a value-added corporate structure intended to enable its portfolio
 companies to quickly leverage their expertise and deploy their business
 strategy by utilizing the management, financial and corporate resources of the
 Company.  IVG Corp. currently trades on the NASD OTC Bulletin Board under the
 symbol IVGG.
 
     Safe Harbor Statement:  This press release includes forward-looking
 statements, including statements relating to future acquisitions, results of
 operations and business strategy of SES and IVG Corp.  These statements are
 made under the "safe harbor" provisions of the Private Securities Litigation
 Reform Act of 1995 and involve risks and uncertainties that could cause actual
 results to differ materially from those in the forward-looking statements.
 These risks and uncertainties include, among others: risks relating to the
 ability of IVG Corp. management to successfully accomplish fund raising
 activities, the ability to achieve or sustain profitability; limited operating
 history; possible financing needs; risks associated with identifying and
 completing acquisitions; risks associated with the integration of acquired
 technologies, operations and personnel; risks of being deemed an investment
 company; exposure to unforeseen liabilities of acquired companies; the
 requirement to record additional future operating costs for the amortization
 of goodwill and other intangible assets, which amounts could be significant;
 business conditions in the PEO, e-commerce and Internet industries generally;
 the impact of market competitors and their product and service offerings; and
 the economic, competitive, governmental, technological and other factors
 identified in IVG Corp.'s filings with the Securities and Exchange Commission.
 These factors are described in further detail in IVG Corp.'s filings with the
 Securities and Exchange Commission, available online at
 http://www.freeedgar.com.
 
      CORPORATE CONTACT
      IVG Corp.
      Mr. Richard Twardowski
      Phone: (281)295-8400
      Email: richard@ivgcorp.com
      Web: www.ivgcorp.com
 
      INVESTOR & MEDIA RELATIONS
      Mindshare Communications
      Mr. Anthony Zelen
      Toll Free: (888) 301-6788
      Fax: (604) 806-3367
      Email: ivgg@mindsharecommunications.com
 
 

SOURCE IVG Corp.
    HOUSTON, April 12 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board:   IVGG)
 (http://www.ivgcorp.com) today announced that its wholly owned subsidiary,
 SES-Corp., Inc. -- one of the largest full service Professional Employer
 Organizations (PEOs) in the United States -- has signed a Letter of Intent to
 acquire Staff Leasing Corporation.
     Founded in 1991, Staff Leasing Corporation is a regional PEO headquartered
 in Palos Heights, Illinois.  Employing workers in 24 states, Staff Leasing
 offers a complete suite of staffing services, including payroll processing,
 benefits administration, workers' compensation, unemployment, tax filing and
 compliance.  The company currently services over 1,200 worksite employees,
 with the core of its client base in Illinois, Indiana, Wisconsin and Iowa.
     The proposed acquisition -- expected to close in June -- strengthens SES'
 client base in the Midwestern United States and brings the company one step
 closer to achieving its aggressive consolidation goals for 2001.
     "This acquisition clearly reflects our articulated strategic plan to
 actively pursue candidates for consolidation in the PEO industry," stated
 President and CEO of SES, Mr. Dennis Lambka.  "With Staff Leasing, we enhance
 our market share in the Chicago area and gain a solid platform for expansion
 in the Midwest."
     Mr. Richard Trzupek, President of Staff Leasing added, "We are delighted
 to join SES, as we believe it possesses the right strategy of balancing
 technology development and positive cash flow to become a major player in the
 HR marketplace.  Together, we will be able to offer clients an advanced level
 of traditional services, as well as web-enabled services not previously
 available in the industry.  This will allow us to continue our outstanding
 record of growth into the future."
     Under the terms of the Letter of Intent, SES will acquire 100 percent of
 the stock of Staff Leasing in consideration for an amount of cash to be
 determined upon signing of a Definitive Agreement.  The proposed transaction
 is subject to certain conditions, including the execution of definitive
 agreements, due diligence, requisite board and shareholder approval, and
 approval from various state licensing agencies.
 
     About SES-Corp., Inc.
     SES (http://www.sesworks.com) is one of the largest full service
 Professional Employer Organizations in the United States.  Founded in 1989,
 SES offers small and medium-sized businesses comprehensive management services
 for the daily administration of human resources and employer obligations.
 These professional services include payroll and benefits administration,
 compliance management, medical and workers' compensation insurance programs,
 unemployment insurance and claims administration, recruiting and placement
 services, and training and supervisory development services.  Headquartered in
 Auburn Hills, Michigan, SES currently has 10 offices in nine states, with
 operations in 42 states servicing over 2,700 clients and approximately
 32,000 worksite employees nationwide.  SES is wholly owned by IVG Corp.
 
     About IVG Corp., Inc.
     IVG Corp. is a Houston-based human resource and technology holding company
 that acquires, develops and operates revenue-generating companies with a
 compelling business model, technology and/or proprietary service.  IVG Corp.
 provides a value-added corporate structure intended to enable its portfolio
 companies to quickly leverage their expertise and deploy their business
 strategy by utilizing the management, financial and corporate resources of the
 Company.  IVG Corp. currently trades on the NASD OTC Bulletin Board under the
 symbol IVGG.
 
     Safe Harbor Statement:  This press release includes forward-looking
 statements, including statements relating to future acquisitions, results of
 operations and business strategy of SES and IVG Corp.  These statements are
 made under the "safe harbor" provisions of the Private Securities Litigation
 Reform Act of 1995 and involve risks and uncertainties that could cause actual
 results to differ materially from those in the forward-looking statements.
 These risks and uncertainties include, among others: risks relating to the
 ability of IVG Corp. management to successfully accomplish fund raising
 activities, the ability to achieve or sustain profitability; limited operating
 history; possible financing needs; risks associated with identifying and
 completing acquisitions; risks associated with the integration of acquired
 technologies, operations and personnel; risks of being deemed an investment
 company; exposure to unforeseen liabilities of acquired companies; the
 requirement to record additional future operating costs for the amortization
 of goodwill and other intangible assets, which amounts could be significant;
 business conditions in the PEO, e-commerce and Internet industries generally;
 the impact of market competitors and their product and service offerings; and
 the economic, competitive, governmental, technological and other factors
 identified in IVG Corp.'s filings with the Securities and Exchange Commission.
 These factors are described in further detail in IVG Corp.'s filings with the
 Securities and Exchange Commission, available online at
 http://www.freeedgar.com.
 
      CORPORATE CONTACT
      IVG Corp.
      Mr. Richard Twardowski
      Phone: (281)295-8400
      Email: richard@ivgcorp.com
      Web: www.ivgcorp.com
 
      INVESTOR & MEDIA RELATIONS
      Mindshare Communications
      Mr. Anthony Zelen
      Toll Free: (888) 301-6788
      Fax: (604) 806-3367
      Email: ivgg@mindsharecommunications.com
 
 SOURCE  IVG Corp.