Business Services Industry

TeamStaff Inc. Appoints PricewaterhouseCoopers as Auditor

Business Wire, April 10, 2002

Business Editors

SOMERSET, N.J.--(BUSINESS WIRE)--April 10, 2002

TeamStaff Inc. (Nasdaq:TSTF), one of the nation's leading providers of business process outsourcing solutions and Professional Employer Organization (PEO) services, today announced that its board of directors has appointed PricewaterhouseCoopers LLP as the company's independent auditors for the fiscal year ending Sept. 30, 2002.

The appointment of PricewaterhouseCoopers LLP was made after careful consideration by the board of directors, its Audit Committee and the management of the company and concludes an extensive evaluation process. PricewaterhouseCoopers LLP replaces Arthur Andersen LLP as the company's independent auditors.

The decision to change auditors was not the result of any disagreement between the company and Arthur Andersen on any matter of accounting principles or practice, financial statement disclosure, or auditing scope or procedure.

Donald T. Kelly, TeamStaff's chief financial officer, stated: "We appreciate the outstanding relationship TeamStaff has had with Arthur Andersen over the years and the services the firm has provided to TeamStaff. Arthur Andersen has provided top-quality audit services with a high degree of professionalism, and TeamStaff has valued its relationship with Arthur Andersen."

About TeamStaff

With headquarters in Somerset, TeamStaff serves more than 3,700 clients and more than 55,000 employees throughout the United States as a full service provider of employer outsourcing and staffing solutions. Through its Professional Employer Organization, TeamStaff provides small and medium-sized businesses throughout the nation with off-site, full-service, human resource solutions.

TeamStaff's services include employment administration, benefits management, government compliance, employer liability management, training and development and performance management tools. TeamStaff's PEO ranks as one of the top 10 PEOs in the nation. In addition to its Professional Employer Organization, TeamStaff 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 a niche payroll service bureau under the trade name DSI, which offers payroll and tax processing to more than 750 clients and 33,000 employees that are concentrated in the construction industry in New York and New Jersey.

TeamStaff Solutions is a Manhattan-based provider of technical temporary personnel and transaction processing for government agencies. BrightLane, a recently acquired business unit, provides an Internet-based online business center through which small businesses may acquire a variety of administrative products and services.

For more information, visit the TeamStaff Web site at www.teamstaff.com.

The statements contained in this news release that are not historical facts are forward-looking statements 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 those factors that could cause actual results to differ materially are: (i) regulatory and tax developments; (ii) changes in direct costs and operating expenses; (iii) the estimated costs and effectiveness of capital projects and investments in technology infrastructure; (iv) ability to effectively implement its e-business strategy; (v) the effectiveness of sales and marketing efforts, including the company's marketing arrangements with other companies: and (vi) changes in the competitive environment in the PEO industry. These factors are described in further detail in TeamStaff's filings with the Securities and Exchange Commission.

COPYRIGHT 2002 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning

 

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