Diversified Corporate (AMEX:HIR)
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Diversified Corporate Resources Announces Private Placement
DALLAS, Dec. 8 /PRNewswire-FirstCall/ -- Diversified Corporate Resources, Inc.
announces that it has entered into an agreement with B4 Ventures, a Dallas-based
investment fund, whereby B4 Ventures and certain of its affiliates will purchase
in a private-placement shares of a newly-issued series of voting convertible
preferred stock and warrants. If consummated in its entirety, and subject to
DCRI achieving certain net income thresholds for fiscal year 2004, the
transaction could result in the purchase of the equivalent of approximately 2
million shares of DCRI common stock for approximately $2,250,000. It is
intended that $1,650,000 of the proceeds will become available to DCRI in three
installments on or before January 15, 2004. Completion of the transaction is
subject to final documentation. J. Michael Moore, the Chairman and CEO of the
Company, commented that "This transaction represents a turning point for DCRI as
far as its return to the institutional capital markets and will strengthen the
Company's balance sheet for future growth."
Diversified Corporate Resources, Inc. is a national employment services and
consulting firm, servicing Fortune 500 and larger regional companies with
permanent recruiting and staff augmentation in the fields of Engineering,
Information Technology, Healthcare, Bio-Pharm, Finance and Accounting. The
Company currently operates a nationwide network of nine regional offices.
Statements in this Press Release that are not historical facts, including, but
not limited to, projections or expectations of future financial or economic
performance of the Company, and statements of our plans and objectives for
future operations are "forward-looking" statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended and involve a number of risks and
uncertainties. No assurance can be given that actual results or events will not
differ materially from those projected, estimated, assumed or anticipated in any
such "forward-looking" statements. Important factors (the "Cautionary
Disclosures") that could result in such differences include: general economic
conditions in our markets, including inflation, recession, interest rates and
other economic factors; the availability of qualified personnel; our ability to
successfully integrate acquisitions or joint ventures with our operations
(including the ability to successfully integrate businesses that may be diverse
as to their type, geographic area or customer base); the level of competition
experienced by us; our ability to implement our business strategies and to
manage our growth; the level of development revenues and expenses; the level of
litigation expenses, and other factors that affect businesses generally.
Subsequent written and oral "forward- looking" statements attributable to us, or
persons acting on our behalf, are expressly qualified by the Cautionary
Disclosures.
DATASOURCE: Diversified Corporate Resources, Inc.
CONTACT: J. Michael Moore, CEO of Diversified Corporate Resources, Inc.,
+1-972-458-8500
Web site: http://www.dcri.net/