HOUSTON, Nov. 6 /PRNewswire/ -- CORESTAFF, Inc. (Nasdaq: CSTF), one of the
largest national providers of information technology services and staffing
services, announced today that it has acquired Turning Point Software, Inc., a
Mass.-based information technology solutions business. Terms of the
transaction were not disclosed.
Turning Point, founded in 1983 by Kenneth A. Tepper, Ph.D., provides
contract software design, development and quality assurance testing at its
state-of-the-art facility in Newton, Mass. Dr. Tepper and his senior
management team will continue to operate the business. Turning Point is
projected to generate revenues of approximately $6.8 million in 1998.
Turning Point will immediately join forces with Millennium Computer
Corporation, which was acquired by CORESTAFF in June 1997. Both Turning Point
and Millennium provide design and development of software products and
components that are re-sold by their clients to businesses or consumers.
Turning Point is focused on designing and developing commercial software
products for the business, consumer, educational and Internet markets.
Commenting on the transaction, Michael T. Willis, CORESTAFF's president
and chief executive officer, stated, "The acquisition of Turning Point will
help us build upon Millennium Computer Corporation's strong presence in the
software engineering sector of the information technology services industry.
Turning Point, with its established reputation and solid technical expertise,
is a potent addition to our Metamor Solutions business."
Established in 1993, CORESTAFF, Inc. is one of the largest national
providers of information technology (IT) services and staffing services
through its two business groups: the IT Services Group, which is comprised of
COMSYS Information Technology Services and Metamor Solutions (formerly the IT
Solutions Group) and the Staffing Services Group, which operates under the
name CORESTAFF Services. The company, with pro forma revenues of
approximately $1.0 billion, operates 147 branches in 28 states, the District
of Columbia, 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, the information set forth under the caption "Risk Factors" in the
company's Registration Statement on Form S-3 (File No. 333-31509) and in the
company's Form 10-K for the fiscal year ended December 31, 1996, describe
certain additional risk and uncertainties that could cause actual results to
vary materially from the future results covered in such forward-looking
statements.
For further information regarding CORESTAFF, Inc. free of charge via fax,
dial 1-800-PRO-INFO and enter "CSTF."
SOURCE CORESTAFF, Inc.
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CONTACT:
Austin P. Young, EVP or Edward L. Pierce, CFO
of CORESTAFF, Inc., 713-548-3400, or Marilyn Windsor, general
inquiries, 312-640-6692, Janine Warell, analyst inquiries,
312-640-6775 or Darcy Bretz, media inquiries 312-640-6756, all of
The Financial Relations Board for CORESTAFF, Inc.
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