PureSpectrum, Inc. to Host Company Update Meeting on November 12 in Savannah, Georgia
SAVANNAH, Ga.-(Business Wire)-September 23, 2009 - PureSpectrum, Inc. (Pink Sheets: PSPM) will host an informational meeting to discuss the company’s progress during the past year on November 12 beginning at 9 a.m. at the Ralph Mark Gilbert Civil Rights Museum at 460 Martin Luther King Jr. Boulevard in Savannah, Ga.
The site of the informational meeting is a tribute to one of the company’s most important accomplishments of 2009. Earlier in the year, the company pledged to assist the Ralph Mark Gilbert Civil Rights Museum’s efforts to improve energy efficiency and save money by donating and installing energy efficient lighting products.
The company’s shareholders will receive a written invitation to attend the meeting, and PureSpectrum president and CEO Lee Vanatta will deliver an address summarizing benchmarks and milestones from the past year which highlight the progress the company has made toward achieving its ultimate goals.
“Growth has brought many changes for the company during the past year, and we have positioned the company to take advantage of opportunities in the United States and abroad,” Mr. Vanatta said. “I am enthusiastic about sharing our progress and our vision for the future with our shareholders, because we have taken important steps forward while successfully facing multiple challenges during the past year. I believe we have made sound decisions that have led to intelligent strategies which will enable the company to continue on the path to profitability and long term viability. While the size of the company has expanded, I am proud that we have remained true to the philosophy of transparency and integrity which has been PureSpectrum’s hallmark.”
In addition to ongoing product development, domestic and international marketing and sales efforts and solidifying relationships with manufacturing partners and distributors, PureSpectrum is in the process of a reorganization involving a corporate transaction with its majority owned subsidiary, International Medical Staffing Group, Inc. (IMSG). Given the impending change in corporate structure, the company’s management and board of directors believe hosting a meeting in a town hall format is advisable in lieu of conducting a formal annual meeting.
Concerning the reorganization, on June 3, 2009 PureSpectrum acquired a controlling interest in IMSG, a fully reporting company admitted for trading on the OTC Bulletin Board. PureSpectrum and IMSG have entered into an Agreement of Purchase and Sale and Plan and Reorganization that will combine the two companies resulting in a reorganization of PureSpectrum.
Among other actions, IMSG will acquire all of the assets and liabilities of PureSpectrum, and in exchange IMSG will issue one share of IMSG common stock for each share of PureSpectrum common stock outstanding and will replace outstanding PSPM warrants with IMSG warrants with terms identical to the warrants being replaced. IMSG filed a Form S-4 registration statement with the Securities and Exchange Commission (SEC) on September 3, 2009. Pending review by the SEC, the IMSG shares and warrants received by PureSpectrum shareholders will be registered with the SEC and restricted shares could be sold freely on the open market. The S-4 filing can be viewed in its entirety at http://www.otcbb.com/asp/Info_Center.asp.
The company intends to complete the corporate reorganizational activities and conduct a formal annual meeting of shareholders in 2010 following the completion of the 2009 audit of the company’s financials.
The invitation to attend PureSpectrum’s informational meeting will be mailed to the company’s shareholders during the first week of October. Shareholders interested in attending the meeting may contact Stephen Weeks at (912) 484-9743 or sweeks@purespectrumlighting.com to obtain more details.
ABOUT PURESPECTRUM
PureSpectrum, Inc. is a technology-driven lighting company headquartered in Savannah, Ga., that is striving to develop performance based technology solutions for energy efficient lighting in multiple categories. The company’s mission is grounded in the quest to preserve natural resources and a belief that energy efficient lighting will be embraced and absorbed through improved performance. PureSpectrum is designing technology and products that enable energy conservation and improved performance without increased cost or confusion for the consumer. PureSpectrum plans to continue its commitment to researching and developing technologies and products that satisfy consumer demand and advance the cause of energy conservation. Please call (912) 961-4980 or visit www.purespectrumlighting.com for more information on PureSpectrum.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum's products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.
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