Message #2 From:
NewsBot Date: October 11, 2005 02:00:00 AM
PBHG News Primary Business Systems, Inc. Announces Name Change and Public Equity Restructuring; Positions the Company to Better Implement Business Strategy
SAN ANTONIO--(BUSINESS WIRE)--Oct. 11, 2005--Primary Business Systems, Inc. announced that effective October 3rd 2005 it completed the restructuring of its equity and capitalization, which also resulted in a new name and ticker symbol (PBHG). The Company changed its name to PBS Holding, Inc. to better distinguish the role of the parent company from its subsidiaries. PBS Holding, Inc. (OTCBB:PBHG) is a holding company owning several subsidiaries that provide Human Resources services. In addition to the name and ticker symbol change PBS Holding, Inc. implemented a one for eight reverse of its shares outstanding.
"As we grow our company and acquire additional service providers we want to establish a clear distinction between the parent (PBHG) and its subsidiaries," comments PBS president Rick Matthews concerning the name change. "Our mission is to provide comprehensive business services that help our clients compete," adds Matthews. "The intent of the split is to better align the capital structure and help make trading more orderly. We believe this equity restructuring better positions PBS, which directly benefits our shareholders."
About PBS Holding, Inc.
The business of PBS Holding, Inc. is to operate in the Human Resources Outsourcing Services Sectors, specifically the Professional Employer Organization industry and the Temporary Staffing Services Industry through its subsidiaries Primary Business Systems LLC, Primary HR Services LLC and Concord Staffing Services. The subsidiaries of PBS serve small to medium-sized businesses by outsourcing the human resource burden of reporting, regulations, legalities, screening and administration. We help clients compete more effectively by allowing them to focus their resources on serving customers and building their business. PBS is becoming an end-to-end business services company with a value proposition that integrates HR, insurance and related business services.
Safe Harbor:
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Primary Business Systems, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
