HOUSTON, April 24 /PRNewswire/ -- CORESTAFF, Inc. (Nasdaq: CSTF), one of
the largest national providers of information technology and staffing
services, today announced it has completed its acquisition of all of the
capital stock of Business Management Data, Inc. (BMD) and its India-based
affiliate, Sriven Computer Solutions (Pvt.), Ltd. (SCS). The acquisition is
expected to contribute $0.03 per share to 1997 earnings. Other terms of the
transaction were not disclosed.
BMD and SCS provide a comprehensive range of information technology (IT)
solutions, including systems integration, computer code maintenance and
support, systems re-engineering, Year 2000 conversions and application
development services for legacy and client/server technologies. BMD and SCS
specialize in mission-critical, 24-hour, 7-day-a-week support to selected
Fortuner 500 clients. The companies provide these services through their four
offices located in Irvine, California, and New Delhi, Madras, and Hyderabad,
India. In its three Indian facilities, SCS employs more than 300 full-time
computer consultants trained in the newest technologies. SCS provides 24-
hour mission-critical, code maintenance and support and client/server
development services. SCS currently supports more than 35 million lines of
code. In the United States, BMD employees more than 160 full-time consultants
to provide a full range of services. BMD and SCS do not engage in IT staff
augmentation and their relationships and contracts with customers tend to be
long-term in duration. To perform these services offshore and to maintain
constant communication with their customers, the companies maintain four 64
Kbp high speed satellite links, N.T. computer servers, AS400 mid-range
computer servers, UNIX computer servers and S-390 development machines. SCS
currently occupies more than 60,000 square feet of "state of the art"
facilities situated in India's major "export free" software technology parks.
Some of their clients are CSX, Countrywide Home Loans, Sealand, Bank of
America, Midcom and Shared Medical Systems.
Established in 1993, CORESTAFF, Inc. has quickly become one of the largest
national providers of information technology and staffing services through its
two key operating units: COMSYS Information Technology Services and CORESTAFF
Services. In 1997, CORESTAFF launched its third line of business, Information
Technology Solutions, which is projected to have 1997 gross revenues of more
than $60 million. The Company, with pro forma revenues in excess of $800
million, operates more than 150 branches across the United States and has
operations in the United Kingdom and India.
Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking statements that
involve a number of risks and uncertainties. Although the Company has used
its best efforts to be accurate in making those forward-looking statements, it
is possible that the assumptions made by management may not materialize. In
addition, important factors which would cause results to differ materially are
set forth under the caption "Risk Factors" in the Company's annual report on
Form 10-K, a copy of which is available upon request from CORESTAFF's investor
relations department.
SOURCE CoreSTAFF, Inc.
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CONTACT:
Austin P. Young, EVP, or Edward L. Pierce,
CFO, of CORESTAFF, 713-961-3633, or Marilyn Windsor, General
Inquiries, 312-640-6692, or Janine Warell, Analyst Inquiries,
312-640-6775, or Laura Kuhlmann, Media Inquiries, 312-640-6727,
all of The Financial Relations Board
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