TeamStaff Files S-4 Registration Statement and Application for Nasdaq National Market Listing

Business Wire, May 30, 2001

Business Editors

SOMERSET, N.J.--(BUSINESS WIRE)--May 30, 2001

TeamStaff, Inc. (Nasdaq:TSTF) a leading national Professional Employer Organization (PEO) announced today the filing of its Preliminary Joint Proxy / Registration Statement on Form S-4 with the Securities and Exchange Commission in regard to the proposed TeamStaff /BrightLane merger.

Following review by the SEC, TeamStaff and BrightLane will schedule meetings of their shareholders to approve the transaction. "We continue to move toward the closing of the BrightLane transaction and, subject to review and comment by the SEC and any necessary amendments to the filing, anticipate closing prior to mid August," stated Donald T. Kelly, Vice President and Chief Financial Officer of TeamStaff.

In addition, TeamStaff announced that it had filed an application with the Nasdaq Stock Market seeking to obtain National Market listing of its Common Stock. TeamStaff Common Stock is currently listed for trading on the SmallCap Market. Completion of the listing is subject to review by Nasdaq to insure that TeamStaff satisfies the initial listing criteria. In addition, Nasdaq has certain subjective criteria which must be satisfied. There can be no assurance that the application will be granted.

"With our recent share price increase over the last few weeks, and in anticipation of our previously announced merger with BrightLane.com, Inc., we believe we have an opportunity to expand the market exposure of our stock," stated Mr. Kelly. "We are seeking to list our shares on the National Market in order to attract institutional investors, many of whom have policies against investing in SmallCap stocks," added Mr. Kelly.

About TeamStaff

Headquartered in Somerset, New Jersey, TeamStaff serves over 4,000 clients and over 55,000 employees throughout the United States as a full service provider of employer outsourcing and staffing solutions. Through its Professional Employer Organization (PEO), TeamStaff provides small and medium sized businesses throughout the nation with a better way to employ their people by delivering an off-site, full-service human resource outsourcing solution. TeamStaff's comprehensive employer services include employment administration, benefits management, government compliance, recruiting and selection, employer liability management, training and development and performance management tools. TeamStaff's PEO division currently ranks as one of the largest in the nation.

TeamStaff also operates three other employer outsourcing services. Through TeamStaff Rx, TeamStaff provides temporary and permanent medical staffing services throughout the country and is the largest provider of medical imaging personnel in its field. TeamStaff also operates DSI, its niche payroll service bureau offering payroll and tax processing to over 750 clients and over 30,000 employees, as well as TeamStaff Solutions, a Manhattan-based provider of technical temporary personnel, disbursement management systems and transaction processing services for government agencies. For more information on each of the companies visit their web sites at www.teamstaff.com or www.brightlane.com.

(The statements contained in this press release that are not historical facts are forward-looking statements under federal securities law that involve a number of risks and uncertainties. Therefore, the actual results of future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: (i) regulatory and tax developments; (ii) changes in TeamStaff's direct costs and operating expenses; (iii) the estimated costs and effectiveness of capital projects and investments in technology and infrastructure; (iv) TeamStaff's ability to effectively implement their eBusiness strategy; (v) the effectiveness of TeamStaff's sales and marketing efforts, including the company's marketing arrangements with other companies; (vi) changes in the competitive environment in the PEO industry; and (vii) the ability of TeamStaff to successfully consummate the BrightLane transaction. Some of these factors are described in further detail in TeamStaff's filings with the Securities and Exchange Commission.)