MANALAPAN, N.J.
The purchase price for the AccountAbilities assets will be a number of shares of Hyperion's common stock which will be equal to the number of shares of AccountAbilities common stock outstanding at the time of closing. In addition, AccountAbilities has agreed to make a cash payment to Hyperion's sole shareholder in exchange for his agreement to surrender all of his shares of Hyperion common stock for cancellation at the time of closing. As a result of these transactions, the shares of Hyperion's common stock issued to AccountAbilities will represent 100% of Hyperion's outstanding common stock after the completion of the transactions. AccountAbilities intends to distribute these shares to it shareholders on a one share for one share basis, and an application will be submitted to the National Association of Securities Dealers for the trading of Hyperion shares on the OTC Bulletin Board after the transactions are completed.
'This transaction with Hyperion should enable us to provide our
shareholders with the added liquidity, and proper valuation, that companies
listed on the OTC BB enjoy versus our current status as a pink sheet company.
We look forward to committing the fullest extent of our resources toward
completing this transaction and obtaining a final effective registration
statement from the SEC and acceptance from the NASD in the shortest time
period possible,' stated
The closing of the transaction is subject to a number of conditions, including, among others, the approval of the sale of assets by the stockholders of AccountAbilities and the effectiveness of a Registration Statement on Form S-4 which will be filed with the Securities and Exchange Commission to register the shares being issued to AccountAbilities.
The existing sole officer and director of Hyperion will resign upon the closing of the transactions and a new management team and Board of Directors of Hyperion consisting of individuals to be designated by AccountAbilities will be appointed.
About AccountAbilities, Inc.
AccountAbilities is engaged in the Professional Staffing Industry providing accounting through its Accounting/Finance Division, and IT, Engineering and Scientific through its Technical Services Division. AccountAbilities, through its Partner on Premise Program, provides accounting (CPA) firms and professional firms and companies the opportunity to partner in AccountAbilities staffing network. The Company also offers productivity based staffing solutions through its Workforce Solutions Program. http://www.aabilities.com.
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, changes in the market for professional staffing services, regulatory and technological changes, changes in levels of unemployment and other economic factors, increased competition, the ability to attract and retain customers, the availability of qualified candidates for placement by the Company and the possibility of the Company incurring liability for activities of the employees and contractors that it places with its customers. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement. The words 'intend', 'expect', 'should', 'project', 'anticipate' and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made.
SOURCE AccountAbilities, Inc.