Axiom Management Continues On Acquisition Path - Signs 3 Letters Of Intent To Acquire Staffing Agencies

Santa Fe Springs, CA - Axiom Management, Inc. , a full-service staff recruitment, fulfillment, human resources management company, and a recognized authority in the areas of safety/risk management and workplace compliance requirements, announced recently it has signed three Letters of Intent (LOI) to acquire three separate staffing companies. The first LOI, signed in September and previously announced in a press release dated September 6, 2007, was to acquire a multi-location staffing company in upstate New York that generated 2006 revenues of approximately $17M.

Axiom has since followed up executing two additional Letters of Intent to acquire a New York based personnel consulting firm and a Florida payroll processing and human resources outsourcing agency. Together the three acquisition targets represent a total of approximately $51M in annualized gross revenue, with EBITDA of approximately $3.6M.

Peter Morales, President of Axiom stated "The addition of these strategic acquisitions will enable Axiom to quickly expand its market penetration, geographic coverage and customer base, realizing significant economies of scale and capitalizing on cross-selling opportunities associated with marketing our risk management services to newly acquired customers." Mr. Morales went on to state that "It is also worth noting that these acquisitions may generate approximately $51M in future gross revenues based on their current run rates."

James Clapp, Axiom's CEO, stated "We are excited about acquiring these landmark companies, allowing us to expand into two important regions." Mr. Clapp continued: "These acquisitions will not only increase Axiom's revenues significantly, but will provide strategic locations from which Axiom can expand throughout the Northeast and Southeast."

As a part of its overall growth strategy, together with organic growth and geographic expansion, Axiom plans to continue acquiring key agencies in the highly fragmented staffing and outsourced services industry throughout the U.S. Axiom will be able to consolidate those agencies into its existing operations, realizing the full benefits of a consolidation. Consummation of any acquisition is subject to the satisfaction of certain material conditions, which can not be assured, including, satisfactory completion of due diligence, the preparation, negotiation and execution of definitive agreements and the consummation of financing on terms acceptable to the company that is necessary to fund any such transactions.

SOURCE: Axiom Management Inc.