National Minority Company Receives $15.4 Million Private Placement Investment

Apr 16, 2001, 01:00 ET from PRWT Services, Inc.

    PHILADELPHIA, April 16 /PRNewswire/ -- PRWT Services, Inc., a national
 leader in labor force management with over 1,000 employees, announced today
 that it has completed a private placement of $15.4 million in capital funding
 which will be used to augment working capital needs and fund the company's
 growth plan.
     The twelve-year company that grossed $56 million in revenues last year,
 completed the private placement with funding from Lockheed Martin IMS, the
 Sallie Mae Corporation and a global financial institution.  Jackson Securities
 Inc., a national institutional investment bank, acted as financial advisor and
 placement agents for the transaction.  "We are fortunate to have three Fortune
 100 companies that believe in us enough to invest in us while at the same time
 do business with us," stated Willie F. Johnson, Chairman of the PRWT
 Enterprise.
     Currently, two of the investing companies serve as strategic partners
 while PRWT serves as minority vendors to them.  Lockheed Martin IMS has been a
 longtime partner of PRWT Services, Inc.  "Having had the pleasure of doing
 business with PRWT since August of 1988, we knew what kind of company we were
 dealing with.  PRWT has a reputation for producing quality work and receiving
 extraordinary results," stated John Brophy, President and CEO of Lockheed
 Martin IMS.
     The deal took approximately 18 months to complete and President and CEO of
 Jackson Securities, Inc., Reuben McDaniel, III, stated, "We feel it is our
 role as a national minority investment bank to assist other minority companies
 in raising capital to enhance their strategic objectives.  This transaction
 exemplifies our commitment to this sector."
 
     PRWT is a nationally recognized company based in Philadelphia with offices
 in 21 other locations around the United States.  The company enables large
 public and private sector organizations to dramatically improve the timely,
 effective and efficient fulfillment of their customer service needs by
 outsourcing them.  The PRWT Enterprise is comprised of two independent
 corporations, PRWT Services, Inc. and PRWT ComServ, Inc.  In addition there
 are two affiliated companies that operate under the auspices of PRWT Services,
 Inc., PRWT Hylan and US Facilities.
     The five principals of PRWT, Willie F. Johnson, Chairman, Fletcher "Flash"
 Wiley, General Counsel and Interim President of PRWT ComServ, Raymond Saulino,
 President of PRWT Services, Inc., Melonease Shaw, Senior Executive Vice
 President of External Affairs, and William Turner, Chief Financial Officer,
 say that this infusion of capital is a key component to the future of the
 company as PRWT competes in today's thriving marketplace.
 
 

SOURCE PRWT Services, Inc.
    PHILADELPHIA, April 16 /PRNewswire/ -- PRWT Services, Inc., a national
 leader in labor force management with over 1,000 employees, announced today
 that it has completed a private placement of $15.4 million in capital funding
 which will be used to augment working capital needs and fund the company's
 growth plan.
     The twelve-year company that grossed $56 million in revenues last year,
 completed the private placement with funding from Lockheed Martin IMS, the
 Sallie Mae Corporation and a global financial institution.  Jackson Securities
 Inc., a national institutional investment bank, acted as financial advisor and
 placement agents for the transaction.  "We are fortunate to have three Fortune
 100 companies that believe in us enough to invest in us while at the same time
 do business with us," stated Willie F. Johnson, Chairman of the PRWT
 Enterprise.
     Currently, two of the investing companies serve as strategic partners
 while PRWT serves as minority vendors to them.  Lockheed Martin IMS has been a
 longtime partner of PRWT Services, Inc.  "Having had the pleasure of doing
 business with PRWT since August of 1988, we knew what kind of company we were
 dealing with.  PRWT has a reputation for producing quality work and receiving
 extraordinary results," stated John Brophy, President and CEO of Lockheed
 Martin IMS.
     The deal took approximately 18 months to complete and President and CEO of
 Jackson Securities, Inc., Reuben McDaniel, III, stated, "We feel it is our
 role as a national minority investment bank to assist other minority companies
 in raising capital to enhance their strategic objectives.  This transaction
 exemplifies our commitment to this sector."
 
     PRWT is a nationally recognized company based in Philadelphia with offices
 in 21 other locations around the United States.  The company enables large
 public and private sector organizations to dramatically improve the timely,
 effective and efficient fulfillment of their customer service needs by
 outsourcing them.  The PRWT Enterprise is comprised of two independent
 corporations, PRWT Services, Inc. and PRWT ComServ, Inc.  In addition there
 are two affiliated companies that operate under the auspices of PRWT Services,
 Inc., PRWT Hylan and US Facilities.
     The five principals of PRWT, Willie F. Johnson, Chairman, Fletcher "Flash"
 Wiley, General Counsel and Interim President of PRWT ComServ, Raymond Saulino,
 President of PRWT Services, Inc., Melonease Shaw, Senior Executive Vice
 President of External Affairs, and William Turner, Chief Financial Officer,
 say that this infusion of capital is a key component to the future of the
 company as PRWT competes in today's thriving marketplace.
 
 SOURCE  PRWT Services, Inc.