GFAM Acquires National Staffing Service Company
26 Novembre 2007 - 11:30AM
PR Newswire (US)
Vertical Acquisition Allows Entry into One of the Fastest Growing
Industries in U.S. SANTA MONICA, Calif., Nov. 26
/PRNewswire-FirstCall/ -- Great American Family Parks, Inc.
(OTC:GFAM) (BULLETIN BOARD: GFAM) today announced that it has
acquired Park Staffing Services, a flexible staffing (also known as
temporary staffing) firm based in Bakersfield, CA. PSS provides
manufacturing, construction, service and office personnel on a
contractual basis. PSS will be expanded to manage staffing of the
amusement attractions that GFAM's theme park division will acquire.
It will also continue to actively expand its flexible staffing
services throughout the nation. Park Staffing Services generated
revenues of $6,911,266 in 2006 and has shown solid profits
throughout much of its long history. New contracts obtained because
of its acquisition by GFAM are expected to substantially improve
future revenues and profits. PSS was purchased through equity and
debt, with no external financing needed. Founded in 1979, PSS
developed its client and employee base on a methodical and
financially-sound basis to over 3,000 current employees on the
present payroll with an efficient in-house staff of only eight. Dr.
Larry Eastland, Chairman and CEO of GFAM said: "We are very excited
to have this important addition to our company. Temporary, seasonal
and part- time employees make up the vast majority of the employees
in a theme park or attraction. This gives us the opportunity to
consolidate this important function for our current park, and those
we are working to acquire. Additionally, it brings revenues to GFAM
from more diversified sources, revenues that are expected to be
more than five times our current revenues in 2008." Dr. Eastland
added: "This has been a very good year for GFAM so far in 2007. We
have moved into profitability, the "going concern" issue has been
removed from our audit, our Wild Animal Safari park continues to
grow at about 16 percent per year in revenues, and now we have been
able to acquire an additional company without resorting to outside
financing. We are very pleased." National Staffing Services
Industry Facts: -- 10% annual industry growth; -- For the third
decade in a row, the staffing industry has been one of the fastest
growing industries in the U.S.; -- 250% workforce growth: the
temporary workforce has grown 2.5 times for twenty years in a row;
-- 300% industry revenue has more than tripled in the past decade;
-- 98% of U.S. companies depend on temporary help: the U.S. Chamber
of Commerce reports that over 98% of companies use temporary help
as a part of management strategy. -- The U.S. Department of Labor
Statistics estimates that the U.S. staffing industry will grow
faster and add more new jobs than just about any other industry
over the next decade. About Great American Family Parks, Inc. Great
American Family Parks, Inc. ("GFAM") is a theme park acquisition,
management and staffing company based in Santa Monica, CA.
Comprised of nationally known amusement park experts and management
specialists, GFAM has the goal of acquiring small and medium-sized
theme parks, instilling an efficient management system,
streamlining and managing staffing, and generating industry-leading
profits. GFAM will operate as two main divisions: Park Staffing
Services and the theme park division. It is the intent of GFAM's
theme park division to continue acquiring additional regional theme
parks around the nation. PSS will run all staffing needs of the
theme parks as well as generate revenues from its existing
temporary staffing services. Safe Harbor Statement Under The
Private Securities Litigation Reform Act of 1995: Except for
historical information contained herein, the statements in this
news release are forward-looking statements that are made pursuant
to the safe harbor provisions of the Private Securities Act of
1995. Forward-looking statements involve known and unknown risks
and uncertainties, which may cause a company's actual results,
performance and achievement in the future to differ materially from
forecasted results, performance, and achievement. These risks and
uncertainties are described in the Company's periodic filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the results of any revisions to
these forward-looking statements that may be made to reflect events
or circumstances after the date hereof, or to reflect the
occurrence of unanticipated events or changes in the Company's
plans or expectation. Contact Information: Ashley Hull ProPublic
Media, LLC. DATASOURCE: Great American Family Parks, Inc. CONTACT:
Ashley Hull of ProPublic Media, LLC., +1-310-450-9100, Web site:
http://www.weloveparks.com/
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