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Walnut Creek, CA, May 1, 2007
Westaff, Inc, (NASDAQ: WSTF) a leading provider
of staffing services, announced that Michael
T Willis has been elected President and Chief
Executive Officer effective May 1, 2007. Michael
Willis, a prominent staffing industry executive,
founded Talent Tree Inc, a clerical and administrative
staffing company in Houston, TX in 1976. He
founded COREStaff, Inc in 1993. In 1995, COREStaff
became a publicly traded company and later
began operating as Metamor Worldwide, Inc,
one of the largest national providers of information
technology services. "Westaff is a great
company, and I am very excited about our significant
growth opportunities for the future," said
Mr. Willis.
Simultaneously, Westaff announced that Trish Newman resigned her
position as President and Chief Executive Officer. Ronald D. Stevens,
Vice Chairman of the Board, explained "Trish Newman did an outstanding
job adding value during her two year tenure. In those two years, the
price of the company's stock increased substantially and she
led the company to a point where the principal shareholders were able
to gain liquidity for their large stock position. Under her leadership
Westaff launched new service lines in the U.S., including Permanent
Placements, which was substantially profitable in its first year of
operations, and West-Tek, an independent IT branch network." Trish
Newman will stay on for a transition period in an interim capacity
as a consultant and advisor to the company to assist the new management
team.
Michael Willis, together with H.I.G. Capital LLC, through its affiliates,
acquired 8,262,696 shares of Westaff common stock in February 2007,
amounting to approximately 49.7% of the company's common stock
About Westaff
Westaff provides staffing services and employment opportunities for
businesses in global markets, servicing more than 15,000 client accounts
from more than 230 offices located throughout the United States, the
United Kingdom, Australia and New Zealand. Westaff provides client
companies with 125,000 temporary and permanent placement employees
annually in the areas of administration, call centers and light industry.
For more information, please visit our Web site at www.westaff.com.
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This press release contains forward-looking statements as defined
in the Securities Exchange Act of 1934, and is subject to the safe
harbors created by law. Forward-looking statements contained herein
include, but are not limited to, statements regarding the Company's
future growth, profitability, expansion in key markets, and the significance
of any change in managerial personnel to the Company's ability to achieve
any of these goals.
Forward-looking statements are based on the beliefs and assumptions
of the Company's management and on currently available information.
The Company undertakes no responsibility to publicly update or revise
any forward-looking statement. Additional information concerning the
risks and uncertainties listed above, and other factors you may wish
to consider, is contained in the Company's filings with the Securities
and Exchange Commission, including the Company's most recent Form 10-K,
Form 10-Q, Form 8-K and other filings.
Contacts:
Westaff,
Inc.
Corporate communications
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KRT Marketing
for Westaff, Inc.
Rachel Loya, 925-284-6255
rachel@krtmarketing.com
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