IVG Subsidiary, SES, Signs Letter of Intent to Acquire United Staffing Of America

Apr 05, 2001, 01:00 ET from IVG Corp.

    HOUSTON, April 5 /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 United Staffing of America, Ltd.
     United Staffing is a privately owned Professional Employer Organization
 located in Tampa, Florida.  Serving businesses in 10 states, United Staffing
 brings over a decade of experience in outsourced human resource
 administration, including services such as compensation claims, safety
 management, health benefits, payroll administration, taxes, filings, and
 garnishments.
     By combining the resources of United Staffing, SES will gain a stronger
 presence in the PEO marketplace.
     "United Staffing is a market leader, with a proven ability to manage the
 complexities of HR administration," stated Mr. Dennis Lambka, President and
 CEO of SES-Corp, Inc.  "Given United Staffing's existing client base, this
 acquisition enhances our critical mass in the southeast U.S. markets and takes
 us one step closer to achieving our aggressive goals for 2001.  Our
 consolidation plans for the PEO industry are clearly under way."
     "By joining the SES team, we will gain a tremendous opportunity to meet
 the evolving needs of our customer base," said Mr. Tom Meade, President and
 CEO of United Staffing.  "Over the past four years, we've had the opportunity
 and pleasure of collaborating with SES on several projects.  Their approach to
 superior service is consistent with our business philosophy, and their vision
 to bring these services into a web-enabled environment will certainly add
 value for our existing customers."
     The proposed acquisition is structured as a stock transaction between SES
 and United Staffing, and the terms will depend upon the parties' due diligence
 and the completion of United Staffing's 2000 audited financial statements,
 which are expected to be completed this month.  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.  It is anticipated that the
 acquisition will be completed in May 2001.
 
     About United Staffing of America, Ltd.
     United Staffing (http://www.usa-peo.com) is a leader in the PEO industry,
 serving over 125 businesses in 10 states.  As an employee administrator,
 United Staffing offers cost effective human resource solutions for small and
 mid-sized businesses, enabling them to focus on core business operations and
 growth.
 
     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 more than
 39,000 worksite employees nationwide.
 
     About IVG Corp.
     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 Inc.
      Mr. Anthony Zelen
      Toll Free: (888) 301-6788
      Fax: (604) 806-3367
      Email: ivgg@mindsharecommunications.com
 
 

SOURCE IVG Corp.
    HOUSTON, April 5 /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 United Staffing of America, Ltd.
     United Staffing is a privately owned Professional Employer Organization
 located in Tampa, Florida.  Serving businesses in 10 states, United Staffing
 brings over a decade of experience in outsourced human resource
 administration, including services such as compensation claims, safety
 management, health benefits, payroll administration, taxes, filings, and
 garnishments.
     By combining the resources of United Staffing, SES will gain a stronger
 presence in the PEO marketplace.
     "United Staffing is a market leader, with a proven ability to manage the
 complexities of HR administration," stated Mr. Dennis Lambka, President and
 CEO of SES-Corp, Inc.  "Given United Staffing's existing client base, this
 acquisition enhances our critical mass in the southeast U.S. markets and takes
 us one step closer to achieving our aggressive goals for 2001.  Our
 consolidation plans for the PEO industry are clearly under way."
     "By joining the SES team, we will gain a tremendous opportunity to meet
 the evolving needs of our customer base," said Mr. Tom Meade, President and
 CEO of United Staffing.  "Over the past four years, we've had the opportunity
 and pleasure of collaborating with SES on several projects.  Their approach to
 superior service is consistent with our business philosophy, and their vision
 to bring these services into a web-enabled environment will certainly add
 value for our existing customers."
     The proposed acquisition is structured as a stock transaction between SES
 and United Staffing, and the terms will depend upon the parties' due diligence
 and the completion of United Staffing's 2000 audited financial statements,
 which are expected to be completed this month.  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.  It is anticipated that the
 acquisition will be completed in May 2001.
 
     About United Staffing of America, Ltd.
     United Staffing (http://www.usa-peo.com) is a leader in the PEO industry,
 serving over 125 businesses in 10 states.  As an employee administrator,
 United Staffing offers cost effective human resource solutions for small and
 mid-sized businesses, enabling them to focus on core business operations and
 growth.
 
     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 more than
 39,000 worksite employees nationwide.
 
     About IVG Corp.
     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 Inc.
      Mr. Anthony Zelen
      Toll Free: (888) 301-6788
      Fax: (604) 806-3367
      Email: ivgg@mindsharecommunications.com
 
 SOURCE  IVG Corp.