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AdminaSource announces Letter of Intent to acquire Human Resources Solutions, Inc.
September 24, 2004
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Robbinsville, N.J. -- AdminaSource, Inc., a provider of outsourced human resources (HR) administration services, announced that it has entered into a letter of intent to acquire the business assets of Human Resources Solutions, Inc. (HR Solutions), a professional employer organization (PEO) and HR administration service provider based in Northfield, NJ.

Terms of the agreement were not disclosed, and a final transfer of the assets of HR Solutions is subject to the execution of a definitive purchase agreement, among other things. The acquired assets consist primarily of the customer accounts of HR Solutions.

Although the final transaction may not occur for some weeks, AdminaSource will begin providing some services to HR Solutions' customers as soon as October 1, 2004, in order to make the transition as smooth as possible.

Both companies help small to mid-sized companies and non-profit organizations manage their administrative tasks and obligations as employers by providing such services as payroll and tax administration, employee benefits, and compliance with employment laws and regulations.

Commenting on the planned acquisition, Dave Fried, President and CEO of AdminaSource, said: "This is an important milestone in the evolution of AdminaSource as a leading provider of HR services to small and mid-sized businesses. Combined with our very rapid internal growth, this acquisition will propel us well ahead of our near-term growth projections and will help to position AdminaSource as a major regional player in the Human Resource Outsourcing industry."

Jay Zimmer, President and CEO of HR Solutions, said: "I am very pleased to be able, through this transition to AdminaSource, to assure our customers of the continuation of the kind of professional and attentive service that we have worked so hard to deliver in the past. AdminaSource has an excellent reputation and an admirable history of customer retention. I am sure that our customers will benefit from this transaction."

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