Exhibit 99.1
|
1511 N. Westshore Blvd., Suite 900 Tampa, Florida 33607 (813) 830-7700 www.ablest.com |
|
FOR IMMEDIATE RELEASE Tuesday, January 23, 2007 |
SYMBOL: AIH TRADED: AMEX |
ABLEST INC. ANNOUNCES RECEIPT OF
GOING PRIVATE PROPOSAL AT $7.50 PER SHARE
GOING PRIVATE PROPOSAL AT $7.50 PER SHARE
TAMPA, Fla., January 23, 2007 — Ablest Inc. (Amex: AIH) today announced that its Board of
Directors had received a proposal from certain existing investors, including Charles H. Heist, III,
the Company’s Chairman of the Board, Kurt R. Moore, the Company’s President and Chief Executive
Officer, The Burton Partnership (QP), Limited Partnership and The Burton Partnership, Limited
Partnership, to acquire all of the Company’s publicly held common stock for $7.50 per share in
cash.
The Company’s Board of Directors has formed a Special Committee of four independent directors to
review and evaluate the proposal and any strategic alternatives to the proposal that may be
available to the Company. The Company cautions its stockholders and others considering trading in
its securities that its Board of Directors has just received the proposal, and that the process of
considering the proposal is only in its beginning stages. The Special Committee will proceed in an
orderly and timely manner to consider the proposal and its implications. The Special Committee has
not made a determination whether a transaction is in the best interests of the Company and its
stockholders or whether the Company should pursue any available alternative to the proposal.
Accordingly, there is no assurance that the Company will enter into this or any other transaction.
About Ablest
Ablest is a leader in workforce services; creating and delivering local solutions that enable
companies to compete and win in an ever-changing business world. Services are provided through its
Staffing Services and Professional Services Divisions. Staffing Services offers customers a range
of employment services in the office and light industrial sectors including employee assessment and
selection, training, managed services and vendor-on-premise (VOP) programs. Professional Services
offers employment and consulting services in the Information Technology and Finance and Accounting
sectors. Ablest’s Services focus on improving customer performance in the areas of quality,
efficiency and cost-reduction within their workforce. Ablest supplies more than 37,000 field
employees and consultants to approximately 2,000 businesses annually through 60 locations in the
Eastern and Southwestern United States.
Statements made in this news release, other than those concerning historical information, should be
considered forward-looking and subject to certain risks and uncertainties, which could cause actual
results to differ materially from those projected. Readers should carefully review and
consider disclosures, including periodic reports on Forms 10-K and 10-Q filed with the Securities
and Exchange Commission, which attempt to advise interested parties of the factors which affect the
Company’s business.
* * * * *
| SOURCE: | Ablest Inc. |
|
| CONTACT: | John Horan, Vice President and Chief Financial Officer 813/830-7700 or jhoran@ablest.com/ |