Corporate Resource Services Acquires Assets of
GT Systems, Inc.
April 08, 2010 05:33 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Corporate Resource Services, Inc. (OTC: ACBT) today
announced that it closed on its acquisition of a portion of the assets of GT Systems, Inc. and certain of its affiliates
through a private sale by Rosenthal & Rosenthal pursuant to Article 9 of the Uniform Commercial Code. As
previously announced, the purchase price is approximately $3 million in cash payable to Rosenthal & Rosenthal over
a three-year period. The effective date for the acquisition was April 5, 2010.
The GT Systems companies had unaudited sales of approximately $75 million in 2009 and have offices in New
York, Pennsylvania and Florida, as well as other offices throughout the United States. Corporate Resource Services
(“CRS”) is acquiring the assets through a newly formed, wholly owned subsidiary and is providing a guarantee of the
cash purchase price. In connection with the guarantee, CRS is issuing shares of common stock to Rosenthal &
Rosenthal, subject to a repurchase agreement and an escrow arrangement.
“This acquisition came together quite quickly and we are grateful to everyone who helped us in the process,” said
Jay Schecter, CEO of Corporate Resource Services. “We are very excited about the prospects for the staffing
industry as a whole, and further believe that with everything the GT Systems companies offer and will continue to
offer their clients, this acquisition extends CRS’s footprint in the market and provides greater value for our
stockholders. We continue to look forward to working with the professionals who are part of the GT companies.”
About Corporate Resource Services, Inc.
Corporate Resource Services, Inc. is a recently formed holding company the principal subsidiary of which is
Accountabilities, Inc. CRS is a national provider of diversified staffing, recruiting and consulting services, including
temporary staffing services, with a focus on light i