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Saturday, February 23 , 2019, 12:10 am | Fair 43º


Select Staffing’s Merger with Atlas Falls Through

Stockholders vote against the proposed business combination

The Select Family of Staffing Companies, with headquarters in Santa Barbara, announced Friday the termination of its proposed business combination with Atlas Acquisition Holdings Corp. (NYSE AMEX: AXG).

Select and Atlas had entered into an agreement and plan of merger in which Select would have become a wholly owned subsidiary of Atlas after approval of the merger by Atlas’ stockholders.

At a special meeting of stockholders, holders of more than 30 percent of Atlas’ stock, voted against the merger and sought conversion. As a result, the merger will not be completed and Atlas will be liquidated.

“We wish the outcome were different,” Select chairman and CEO Steve Sorensen said. “Both Atlas and Select worked diligently to consummate this merger. We in particular thank James N. Hauslein, chairman and chief executive officer of Atlas, and Gaurav V. Burman, Atlas’ president. They are outstanding business leaders, and we have no doubt of their continued success.

“Select attracted many blue-chip investors throughout this process as well as praise and attention from the industry’s leading analysts. Select has operated very successfully for 25 years as a private company, so for us it is back to business as usual.”

At the same time, the Select Family of Staffing Companies announced full year 2009 revenue of nearly $1.5 billion, which represents growth of $52 million, a 3.6 percent increase over 2008.

“Select’s ability to grow nearly 4 percent during 2009 is a testament to our business model,” Sorensen said. “This outstanding achievement is unique among our peers. We are now focused on capitalizing on the improving fundamentals to grow our business in 2010.”

— Lori Weathers is the marketing director for the Select Family of Staffing Companies.


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