Atlanta, GA – May 10, 2010 — MedCAREERS GROUP, Inc. (the "Company") (OTCBB: MCGI) MedCAREERS Group, Inc. today announced that i t has entered into a letter of intent to acquire a nurse staffing company located in the Southeast. The acquisition target has annual revenues of approximately $3.9 million and has an operating cash flow of approximately $180,000 per year. The transaction is structured as an asset purchase and is subject to due diligence, financing, and completion of definitive documentation. The purchase price for the assets is approximately $500,000 with 50% of the purchase price being financed over time by the sellers.
MedCAREERS Group, Inc. CEO Bryan Crutchfield commented that: "This is the first of many targets we expect to pursue through our new alliance with PHP. The staffing business is very scalable so as long as we can add profitable companies to the mix, the staffing division should be profitable and add value to MCGI."
Also commenting on the announced targeted acquisition, Chris Eales, President of PHP added: "This acquisition is one that PHP has known of for a while. Although it appears small based on current revenue levels, I believe there are opportunities to expand this business quickly, which makes it attractive."
About MedCAREERS GROUP, Inc.:
MedCAREERS GROUP (www.medcareersgroup.com) mission is to become a leader in the healthcare career arena with a focus on the healthcare professional. MedCAREERS Group’s goal is to build itself into a complete resource for the healthcare professional with an emphasis and understanding of what healthcare professionals need as a resource to assist them in maximizing their careers. MedCAREERS Group aims to be the "go to" place for the healthcare professional community. MedCAREERS Group intends to offers easy, comprehensive solutions and information that is exclusively healthcare related.
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