PACEL Corp. Acquires United Personnel Services as its First Maine Acquisition
08 March 2006 - 10:00PM
PR Newswire (US)
CHARLOTTE, N.C., March 8 /PRNewswire-FirstCall/ -- PACEL Corp.
(OTC:PCCE) (BULLETIN BOARD: PCCE) PACEL Corp. announces that it has
acquired United Personnel Services, Inc. headquartered in Auburn,
Maine. United Personnel Services, Inc. is a Professional Employment
Organization (PEO) founded in 1999. PACEL Corp. entered into a
Letter of Intent to purchase United Personnel Services, Inc. and
its sister corporation, World Wide Personnel Services of Maine,
Inc., in November 2005. PACEL Corp. anticipates closing on the
acquisition of World Wide Personnel Services of Maine, Inc. within
the next 3 weeks. Combined, these companies generate in excess of
$2.5 million a year in revenue, serving over 60 clients. PACEL
Corp. anticipates $500,000 in gross profit annually from these
companies. The addition of both companies will strengthen PACEL
Corp.'s presence along the eastern United States. These companies
specialize in quality human resource management services and
guidance for small to mid-sized businesses. In order to minimize
expenses and have a seamless transition of clients, current
management will operate the business affairs and operations both
companies. Ms. Toni Peterson, President of United Personnel
Services, Inc. stated, "We believe becoming part of the PACEL
family of superior Human Resource Outsourcing companies allows us
to broaden service to our existing clients and add new clients."
"We are very excited about United Personnel Services, Inc. becoming
part of the PACEL family of Human Resource Outsourcing companies.
United Personnel Services, Inc. not only strengthens PACEL's our
client base, but also our management team. The acquisition of
United Personnel Services, Inc. is one example of how PACEL Corp.
is dedicated to increasing its revenue and market presence in the
growing Human Resource Outsourcing marketplace," stated Gary
Musselman, President and CEO of PACEL Corp. PEO companies are
growing at a rate of greater than 20% and most experts predict this
rate of growth can be sustained for 5-10 years as PEO's respond to
the growing need for their services. The Small Business
Administration estimates there are nearly 6 million businesses with
fewer than 100 employees. These small to mid-sized businesses
employ over 52 million employees with an aggregate payroll of over
$1.1 trillion. It is estimated the PEO industry currently has
between 2-3 million worksite employees with annual payrolls greater
than $18 billion. With just 2% of the market, the growth in PEO
services is unlimited. With an average annual growth rate of 20%,
more and more business owners are turning to the Professional
Employer Industry to provide them with the tools they need to
increase productivity and profits. Cautionary Statement for the
Purpose of Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995: Forward-looking statements in this
news release are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Certain important
factors could cause results to differ materially from those
anticipated by forward-looking statements, including the impact of
competition, the success of existing and new product releases, the
management of our growth, and other factors discussed from time to
time in reports filed by the company with the Securities and
Exchange Commission. DATASOURCE: PACEL Corp. CONTACT: Gary
Musselman of PACEL Corp., +1-704-643-0676
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