Westaff, Inc. (NASDAQ:WSTF) a leading provider of staffing services,
today reported that it has entered into a Subordinated Loan Agreement
with its principal stockholder, DelStaff, LLC (“DelStaff”).
On August 25, 2008, the Company entered into a Subordinated Loan, which
provides a loan facility allowing the Company to request loan advances
in an aggregate principal amount of up to $3.0 million.
“This loan from DelStaff is positive evidence
of the support we have from our largest investor,”
commented Westaff CEO and Chairman Michael T. Willis, “and
it provides us with the access to capital so we can continue our focus
on growth and expansion for the immediate future.”
The Subordinated Loan which may be used for working capital and general
business purposes is available immediately and matures on August 15,
2009.
“We have an excellent relationship with
DelStaff and they continue to be a great supporter of our Company,”
Mr. Willis concluded.
About Westaff
Westaff provides staffing services and employment opportunities for
businesses in global markets. Westaff annually employs in excess of
125,000 people and services more than 20,000 client accounts from 204
offices located throughout the United States, Australia and New Zealand.
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.
