Westaff Announces New Relationship With SIRVA, Inc.
Walnut Creek, Calif.--(BUSINESS WIRE)--Westaff, Inc. (NASDAQ:WSTF), a leading provider of staffing services, announced today that it has established a staffing relationship with SIRVA, Inc. Under the terms of the agreement, Westaff will act as a single source provider by centralizing and managing SIRVA's contingent staffing program. As part of the staffing portfolio, Westaff will be providing in-depth recruiting and placement for SIRVA's administrative, clerical and information technology divisions in 8 offices nationally.
"Our new relationship with SIRVA is a testament to Westaff's strength in delivering quality solutions to well-known and respected companies," noted Westaff CEO and Chairman Michael T. Willis. "In addition, the partnership underscores Westaff's operational strength, as well as the company's ability to provide staffing solutions that are mission-critical and fully integrated into our customers' businesses."
"We are pleased to be working with Westaff to ensure that our staffing needs are managed more efficiently," said Meg Pais, Vice President of Human Resources for SIRVA, Inc. "Westaff's commitment of providing the most experienced and qualified personnel enables us to place the best candidates in the right positions who will drive our business towards growth and success."
SIRVA, Inc. is a leader in providing relocation solutions to a well-established and diverse customer base around the world. The company provides innovative ways for customers to achieve their individual business goals, while providing global end-to-end relocation services, including program development and management, home purchase and home sale services, household goods moving, and mortgage services. SIRVA conducts more than 300,000 relocations every year, transferring corporate and government employees and moving individual consumers. The company operates in more than 40 countries with approximately 3,000 employees and an extensive network of agents and other service providers in over 175 countries. Other recognized brands include Allied, Allied International, Allied Pickfords, Allied Special Products, DJK Residential, Global, northAmerican, northAmerican International, SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement.
Westaff provides staffing services and employment opportunities for businesses in global markets. 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 (i) Westaff's expectations regarding the company's growth prospects; (ii) Westaff's expectation that it will continue its plans for growth and expansion; (iii) that Westaff's relationship with DelStaff will continue; and (iv) that Westaff will have access to capital under the Subordinated Loan 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 the Company. These risks and uncertainties include, but are not limited to: an intensely priced competitive market; Westaff's ability to continue to obtain a forbearance or that such forbearance would be on terms acceptable to Westaff; our significant working capital needs and our ability to borrow to meet those needs; our ability to borrow under our credit facilities and our compliance with their debt covenants; variability of the amount of collateral that we are required to maintain to support our workers' compensation obligation; the sufficiency of our workers' compensation claims reserve; variability of employee-related costs, including workers' compensation liabilities; possible adverse effects of fluctuations in the general economy; our ability to collect on our accounts receivable; risks related to franchise agent operations; risks related to international operations and fluctuating exchange rates; reliance on executive management and key personnel; our ability to attract and retain the services of qualified temporary personnel; the ability of our customers to terminate our service agreement on short notice; variability of the cost of unemployment insurance for our temporary employees; any difficulty with our information technology system; government regulation; potential exposure to employment-related claims; the volatility of the Company's stock price; increased regulatory compliance costs; and litigation and other claims. Additional information concerning the risks and uncertainties listed above, and other factors you may wish to consider, is contained in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K for the year ended November 3, 2007 and Quarterly Report on Form 10-Q for the quarterly period ended July 12, 2008.
Forward-looking statements are based on the beliefs and assumptions of the Company's management and on currently available information. The Company undertakes no responsibility to publicly update or revise any forward-looking statement except as required by applicable laws and regulations.