CALABASAS, Calif., Jan. 3 /PRNewswire-FirstCall/ -- On Assignment, Inc. announced today that it has closed its acquisition of VISTA Staffing Solutions, a privately owned, leading provider of physician staffing, known as locum tenens, and permanent physician search services.
The final purchase price included approximately $41.1 million in cash and an earn-out provision, based on VISTA's 2007 and 2008 performance, which could provide an additional $8 million to VISTA shareholders and option holders over the next two years. VISTA is headquartered in Salt Lake City, UT and works with a pool of more than 1,300 physicians covering approximately 30 medical specialties. On a daily basis, the Company has over 200 physicians on assignment. VISTA provides its staffing solutions in all 50 states and international markets for organizations ranging from large urban hospitals to small practice groups in rural areas. VISTA Chief Executive Officer Mark Brouse and his management team will remain with On Assignment.
Peter Dameris, President and CEO of On Assignment, Inc., said, "This acquisition allows us to participate in the growing $1.2 billion physician staffing business, expand our gross margins and raise our overall hourly bill rates. VISTA has a proven leadership team and a strong brand nationwide. We welcome Mark Brouse and his entire team to On Assignment and look forward to a successful long-term relationship between the two companies."
About On Assignment
On Assignment, Inc. is a diversified professional staffing firm providing flexible and permanent staffing solutions in specialty skills including Laboratory/Scientific, Healthcare, and Medical, Financial & Health Information Services. The corporate headquarters are located in Calabasas, California. On Assignment, Inc. was founded in 1985 as On Assignment/Lab Support and went public in 1992. The company's branch network encompasses approximately 60 branch offices across the United States, the United Kingdom, the Netherlands, and Belgium. On Assignment, Inc.'s common stock is traded on the Nasdaq Stock Market under the symbol ASGN.
About VISTA Staffing Solutions
VISTA Staffing Solutions (http://www.vistastaff.com/) is a leading provider of temporary physician staffing and permanent physician search services. Founded in 1990, the employee-owned company helps hospitals, medical practices and government agencies solve their physician staffing challenges. VISTA is the only agency that offers short- and long-term domestic jobs, international work opportunities, and permanent placement for physicians. The company is a founding member of the National Association of Locum Tenens Organizations (NALTO).
Safe Harbor
Certain statements made in this news release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. All statements in this release, other than those setting forth strictly historical information, are forward looking statements. Forward-looking statements are not guarantees of future performance, and actual results might differ materially. Factors that could cause or contribute to such differences include actual demand for our services, our ability to attract, train and retain qualified staffing consultants, our ability to remain competitive in obtaining and retaining temporary staffing clients, the availability of qualified temporary nurses and other qualified temporary professionals, management of our growth, continued performance of our enterprise-wide information systems, our ability to successfully make or integrate new acquisitions and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2005, as filed with the SEC on March 16, 2006. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.
Contact:
On Assignment, Inc.
James Brill
Sr. VP and Chief Financial Officer
(818) 878-7900
Investors/Media:
The Ruth Group
Carol Ruth/Jason Rando
(646) 536-7004/7025
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