Simplified Employment Services, an IVG Corp. Subsidiary, Cooperates With IRS On Information Regarding Past Tax Years

Apr 30, 2001, 01:00 ET from IVG Corp.

    HOUSTON, April 30 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board:   IVGG)
 (http://www.ivgcorp.com) today announced that Simplified Employment Services,
 Inc., a second-tier subsidiary of the company, provided full cooperation on
 Friday in response to a search warrant for records regarding past tax years
 issued at the request of the IRS.  The records have been obtained and SES is
 continuing to conduct its normal business operations.
     According to SES, the government obtained records concerning employment
 tax withholding and payment by SES and certain of its affiliated companies for
 tax years 1996 through 2000.  SES has been in discussion with the IRS to
 resolve this matter.  SES is a subsidiary of SES-Corp., Inc., which was
 acquired by IVG Corp. on April 1, 2001.
     IVG and SES intend to cooperate fully and completely with the IRS during
 its investigation.  SES had been in discussions with the IRS prior to IVG
 Corp.'s April 2001 acquisition of the company concerning audits of its payroll
 taxes for the time frame in question.  SES intends to pay any amounts that
 ultimately may be due for these periods.
     IVG reported that it is absolutely committed to taking every action
 necessary to ensure that its portfolio companies and their personnel comply
 with applicable laws.  Both IVG and SES intend to assist the government in any
 way they can to conclude its investigation as quickly as possible.
 
     About SES-Corp.
     SES-Corp. is one of the largest full service Professional Employer
 Organizations in the United States.  SES-Corp. 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-Corp. currently has 10 offices in nine states, with operations in
 42 states servicing over 2,700 clients and more than 32,000 worksite employees
 nationwide.  SES-Corp. is a wholly-owned subsidiary of IVG Corp.
 
     About IVG Corp.
     IVG Corp. acquires and enhances 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.
     For more information or to request a detailed Investment Package, please
 visit http://www.ivgcorp.com or contact Richard Twardowski at (281) 295-8400.
 
      CORPORATE CONTACT
      IVG Corp.
      Mr. Richard Twardowski
      Phone: (281) 295-8400
      Email: richard@ivgcorp.com
      Web: www.ivgcorp.com
 
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SOURCE IVG Corp.
    HOUSTON, April 30 /PRNewswire/ -- IVG Corp. (OTC Bulletin Board:   IVGG)
 (http://www.ivgcorp.com) today announced that Simplified Employment Services,
 Inc., a second-tier subsidiary of the company, provided full cooperation on
 Friday in response to a search warrant for records regarding past tax years
 issued at the request of the IRS.  The records have been obtained and SES is
 continuing to conduct its normal business operations.
     According to SES, the government obtained records concerning employment
 tax withholding and payment by SES and certain of its affiliated companies for
 tax years 1996 through 2000.  SES has been in discussion with the IRS to
 resolve this matter.  SES is a subsidiary of SES-Corp., Inc., which was
 acquired by IVG Corp. on April 1, 2001.
     IVG and SES intend to cooperate fully and completely with the IRS during
 its investigation.  SES had been in discussions with the IRS prior to IVG
 Corp.'s April 2001 acquisition of the company concerning audits of its payroll
 taxes for the time frame in question.  SES intends to pay any amounts that
 ultimately may be due for these periods.
     IVG reported that it is absolutely committed to taking every action
 necessary to ensure that its portfolio companies and their personnel comply
 with applicable laws.  Both IVG and SES intend to assist the government in any
 way they can to conclude its investigation as quickly as possible.
 
     About SES-Corp.
     SES-Corp. is one of the largest full service Professional Employer
 Organizations in the United States.  SES-Corp. 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-Corp. currently has 10 offices in nine states, with operations in
 42 states servicing over 2,700 clients and more than 32,000 worksite employees
 nationwide.  SES-Corp. is a wholly-owned subsidiary of IVG Corp.
 
     About IVG Corp.
     IVG Corp. acquires and enhances 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.
     For more information or to request a detailed Investment Package, please
 visit http://www.ivgcorp.com or contact Richard Twardowski at (281) 295-8400.
 
      CORPORATE CONTACT
      IVG Corp.
      Mr. Richard Twardowski
      Phone: (281) 295-8400
      Email: richard@ivgcorp.com
      Web: www.ivgcorp.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X58919680
 
 SOURCE  IVG Corp.