Westaff, Inc., Signs New Forbearance Agreement with U.S. Bank National Association and Wells Fargo Bank, National Association
25 Février 2009 - 3:09AM
Business Wire
Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing
services, today announced that it has entered into a third-amended
and restated forbearance agreement with U.S. Bank National
Association and Wells Fargo Bank, National Association effective
February 18, 2009. Subject to the continuing satisfaction of the
terms and conditions of this new forbearance agreement, the banks
have agreed to forbear from exercising any of their default rights
and remedies during the period from February 13, 2009 and ending on
April 7, 2009 with regard to the existing events of default for the
fiscal period ended on April 19, 2008 and for each applicable
fiscal period ending on or before April 7, 2009.
About Westaff
Westaff provides staffing services and employment opportunities
for businesses through its network of Company-owned and franchise
agent offices. Westaff annually employs more than 100,000 people
and services thousands of client accounts throughout the United
States. For more information, please visit the company Web site at
www.westaff.com.
This press release contains forward-looking statements within
the meaning of the U.S. securities laws. Forward-looking statements
in this release are generally identified by words such as
"expects," "believes," "will," "should" and similar expressions
that are intended to identify forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. All
forward-looking statements are qualified in their entirety by this
cautionary statement. Forward-looking statements contained herein
include, but are not limited to, statements regarding the new
forbearance agreement. The forward-looking statements contained
herein involve a number of assumptions, risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements. Many of
these risks and uncertainties cannot be controlled by Westaff.
These risks and uncertainties include, but are not limited to: our
ability to continue to satisfy the terms and conditions of the new
forbearance agreement. Additional information concerning the risks
and uncertainties listed above, and other factors you may wish to
consider, is contained in Westaff's filings with the Securities and
Exchange Commission (the �SEC�), including Westaff's most recent
Annual Report on Form 10-K for the year ended November 1, 2008
filed with the SEC on February 13, 2009 and Westaff�s Current
Report on Form 8-K filed on February 20, 2009.
Forward-looking statements are based on the beliefs and
assumptions of Westaff's management and on currently available
information. Westaff undertakes no responsibility to publicly
update or revise any forward-looking statement except as required
by applicable laws and regulations.
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