Hudson Highland Group Announces Closing of New $40 Million Revolving Credit Facility
16 August 2010 - 9:00PM
Hudson Highland Group, Inc. (Nasdaq:HHGP), one of the world's
leading providers of permanent recruitment, contract professionals
and talent management solutions, today announced that it closed its
new $40 million revolving credit facility with RBS Business Capital
on August 12.
The combination of the company's credit facilities, including
the new facilities with RBS and Commonwealth Bank of Australia
(CBA), markedly improves the company's access to capital. The
company's worldwide liquidity, including cash and availability
under all global credit facilities, is approximately $60.0
million.
As previously disclosed, the company will record $0.9 million in
charges in the third quarter associated with the termination of its
facilities with Wells Fargo Capital Finance.
About Hudson Highland Group Hudson Highland
Group, Inc. is a leading provider of permanent recruitment,
contract professionals and talent management services
worldwide. From single placements to total outsourced
solutions, Hudson helps clients achieve greater organizational
performance by assessing, recruiting, developing and engaging the
best and brightest people for their businesses. The company
employs more than 2,000 professionals serving clients and
candidates in approximately 20 countries. More information is
available at www.hudson.com.
Safe Harbor Statement
This press release contains statements that the company believes
to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact included in
this press release, including statements regarding the company's
future financial condition, results of operations, business
operations and business prospects, are forward-looking
statements. Words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "predict," "believe" and similar
words, expressions and variations of these words and expressions
are intended to identify forward-looking statements. All
forward-looking statements are subject to important factors, risks,
uncertainties and assumptions, including industry and economic
conditions' that could cause actual results to differ materially
from those described in the forward-looking statements. Such
factors, risks, uncertainties and assumptions include, but are not
limited to, global economic fluctuations; the ability of clients to
terminate their relationship with the company at any
time; risks in collecting the company's accounts receivable;
the company's history of negative cash flows and operating losses
may continue; the company's limited borrowing availability
under its credit facility, which may negatively impact its
liquidity; restrictions on the company's operating flexibility due
to the terms of its credit facility; risks related to fluctuations
in the company's operating results from quarter to quarter; risks
related to international operations, including foreign currency
fluctuations; risks associated with the company's investment
strategy; risks and financial impact associated with
dispositions of underperforming assets; implementation of the
company's cost reduction initiatives effectively; the company's
heavy reliance on information systems and the impact of potentially
losing or failing to develop technology; competition in the
company's markets; the company's exposure to
employment-related claims from both clients and employers and
limits on related insurance coverage; the company's dependence
on key management personnel; the company's ability to attract and
retain highly skilled professionals; volatility of the company's
stock price; the impact of government regulations;
and restrictions imposed by blocking arrangements.
Additional information concerning these and other factors is
contained in the company's filings with the Securities and Exchange
Commission. These forward-looking statements speak only as of
the date of this document. The company assumes no obligation,
and expressly disclaims any obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Hudson Highland Group
David F. Kirby
212-351-7216
david.kirby@hudson.com
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