General Employment Enterprises, Inc. Announces Approval at Special Meeting of Shareholders of Share Sale to PSQ, LLC
23 June 2009 - 6:08AM
PR Newswire (US)
OAKBROOK TERRACE, Ill., June 22 /PRNewswire-FirstCall/ -- General
Employment Enterprises, Inc. (NYSE Amex: JOB) announced that, at
its special meeting of shareholders held today, General
Employment's shareholders approved (i) the previously announced
sale by General Employment of 7,700,000 newly-issued shares of its
Common Stock to PSQ, LLC (the "Share Purchase") at a price of $0.25
per share pursuant to a securities purchase and tender offer
agreement entered into between General Employment and PSQ on March
30, 2009, which provides for, among other things, the Share
Purchase and the offer by PSQ to acquire up to 2,500,000 shares of
Common Stock from General Employment's shareholders pursuant to a
cash tender offer upon the terms and conditions set forth in the
agreement (the "Tender Offer"), and (ii) the change of control that
will result from such Share Purchase. General Employment expects to
close the Share Purchase promptly after the expiration of the
Tender Offer, which expiration is scheduled to occur on June 30,
2009. Consummation of the Share Purchase and the Tender Offer is
subject to certain customary closing conditions. About General
Employment General Employment provides professional staffing
services through a network of 16 branch offices located in nine
states, and specializes in information technology, accounting and
engineering placements. Forward-Looking Statements The statements
made in this press release which are not historical facts are
forward-looking statements and, except for statements relating to
the Tender Offer described in this press release, are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements include statements
regarding the acquisition of shares pursuant to the Share Purchase
or the Tender Offer, the filing of documents and information with
the SEC, other future or anticipated matters regarding the
transactions discussed in this release and the timing of such
matters. Such forward-looking statements often contain or are
prefaced by words such as "will" and "expect." As a result of a
number of factors, our actual results could differ materially from
those set forth in the forward-looking statements. Certain factors
that might cause our actual results to differ materially from those
in the forward-looking statements include, without limitation: (1)
the risk that the conditions to the closing of the Tender Offer or
the Share Purchase set forth in the securities purchase and tender
offer agreement will not be satisfied, (2) changes in General
Employment's business during the period between the date of this
press release and the closing, (3) obtaining regulatory approvals
(if required) for the transaction, (4) the risk that the
transactions will not be consummated on the terms or timeline first
announced, and (5) those factors set forth under the heading
"Forward-Looking Statements" in our annual report on Form 10-KSB
for the fiscal year ended September 30, 2008, and in our other
filings with the SEC. General Employment is under no obligation to
(and expressly disclaims any such obligation to) and does not
intend to update or alter its forward-looking statements whether as
a result of new information, future events or otherwise.
DATASOURCE: General Employment Enterprises, Inc. CONTACT: Herbert
F. Imhoff, Jr., Chief Executive Officer and President of General
Employment Enterprises, Inc., +1-630-954-0495, Fax,
+1-630-954-0595, Web Site: http://www.generalemployment.com/
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