Diversified Corporate Resources Announces Discussions With Lenders and Resignation of Director
18 6월 2004 - 8:40AM
PR Newswire (US)
Diversified Corporate Resources Announces Discussions With Lenders
and Resignation of Director DALLAS, June 17 /PRNewswire-FirstCall/
-- On June 8, 2004, Diversified Corporate Resources, Inc.
(AMEX:HIR) (the "Company") announced that it had retained a
specialized tax consultant to initiate discussions with the
Internal Revenue Service regarding the payment of $2.5 million in
unpaid Section 941 taxes owed by the Company for periods during the
first and second quarters of 2004. Based on these discussions, the
Company will have a time period of at least 120 days to either pay
this liability in full or enter into a satisfactory payment plan,
if necessary. Currently, the Company has $.6 million in a
restricted cash account reserved for payment against this balance
reducing the amount of required funds to approximately $1.9
million. The nonpayment of taxes has caused Wells Fargo Business
Credit, Inc. to declare, on June 14, 2004, that a default currently
exists under the Accounts Purchase Agreement between Datatek Group
Corporation, a wholly-owned subsidiary of the Company and Wells
Fargo. Previous to this declaration, the Company had initiated
discussions with other lenders regarding the payoff of balances due
to Wells Fargo. Therefore, although the final outcome is not free
from doubt, the Company plans to either complete a financing
agreement with one of these lenders, or correct the default
event(s) to the satisfaction of Wells Fargo on or before July 30,
2004. In the meantime, Wells Fargo is continuing to purchase
accounts receivables from the Company. Pending resolution of the
above, the Company will be unable to release the 2003 financial
statements, its Proxy Statement for the 2004 Annual Meeting and the
filing with the Securities and Exchange Commission of its 2003
Annual Report on Form 10-K, its amended and restated Forms 10-Q for
the first three quarters of 2003, and the Quarterly Report on Form
10-Q for the first quarter of 2004. On June 18, 2004, the Company
will present to the American Stock Exchange (the "Exchange") a
plan, which would amend a plan previously submitted to the Exchange
on May 24, 2004, whereby it would file the required SEC reports and
otherwise regain full compliance on or before July 30, 2004, while,
in the meantime, the halt in trading currently in effect would
continue. The Exchange may or may not accept the amended plan. If
such plan is not accepted, the Exchange may initiate delisting
proceedings. These proceedings, including the periods set aside for
appeals, are likely to take at least sixty days. The Company
believes that the proceedings would terminate and its stock would
resume trading if the Company filed the SEC reports and otherwise
regained full compliance with the listing standards at any time
during the pendency of such proceedings. Effective June 10, 2004,
W. Brown Glenn, Jr., has resigned as a director and President of
the Company. Mr. Glenn did not request publication of any
disagreement with the Company in connection with his resignation.
The Company will make further announcements as additional
information becomes available. Diversified Corporate Resources,
Inc. is a national employment services and consulting firm,
servicing Fortune 500 and larger regional companies with permanent
recruiting and staff augmentation in the fields of Engineering,
Information Technology, Healthcare, BioPharm and Finance and
Accounting. The Company currently operates a nationwide network of
nine regional offices. Statements in this Press Release that are
not historical facts, including, but not limited to, projections or
expectations of future financial or economic performance of the
Company, and statements of our plans and objectives for future
operations are "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended and involve
a number of risks and uncertainties. No assurance can be given that
actual results or events will not differ materially from those
projected, estimated, assumed or anticipated in any such
"forward-looking" statements. Important factors (the "Cautionary
Disclosures") that could result in such differences include:
general economic conditions in our markets, including inflation,
recession, interest rates and other economic factors; the
availability of qualified personnel; our ability to successfully
integrate acquisitions or joint ventures with our operations
(including the ability to successfully integrate businesses that
may be diverse as to their type, geographic area or customer base);
the level of competition experienced by us; our ability to
implement our business strategies and to manage our growth; the
level of development revenues and expenses; the level of litigation
expenses, and other factors that affect businesses generally.
Subsequent written and oral "forward- looking" statements
attributable to us, or persons acting on our behalf, are expressly
qualified by the Cautionary Disclosures. DATASOURCE: Diversified
Corporate Resources, Inc. CONTACT: Laurence Cottingham of
Diversified Corporate Resources, Inc., +1-972-458-8500 Web site:
http://www.dcri.net/
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Diversified Corporate (AMEX:HIR)
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