PACEL Corp. Acquires World Wide Personnel Service of Maine as its Second Maine Acquisition
March 27 2006 - 9:06AM
PR Newswire (US)
CHARLOTTE, N.C., March 27 /PRNewswire-FirstCall/ -- PACEL Corp.
(OTC:PCCE) (BULLETIN BOARD: PCCE) announces that it has acquired
World Wide Personnel Services of Maine, Inc. headquartered in
Auburn, Maine. World Wide Personnel Services of Maine, Inc. is a
Professional Employment Organization (PEO) founded in 1999. PACEL
Corp. entered into a Letter of Intent to purchase World Wide
Personnel Services of Maine, Inc. and its sister corporation,
United Personnel Services, Inc., in November 2005. PACEL Corp.
closed on the acquisition of United Personnel Services, Inc. on
March 7, 2006 Combined, these companies generate in excess of $2.5
million a year in revenue, serving over 60 clients. PACEL Corp.
anticipates $500,000 in gross profit annually from these companies.
The addition of both companies will strengthen PACEL Corp.'s
presence along the eastern United States. These companies
specialize in quality human resource management services and
guidance for small to mid-sized businesses. In order to minimize
expenses and have a seamless transition of clients, current
management will operate the business affairs and operations both
companies. Ms. Toni Peterson, President World Wide Personnel
Services of Maine, Inc. stated "We believe becoming part of the
PACEL family of superior Human Resource Outsourcing companies
allows us to broaden service to our existing clients and add new
clients." "We are very excited about World Wide Personnel Services
of Maine, Inc. becoming part of the PACEL family of Human Resource
Outsourcing companies. World Wide Personnel Services of Maine, Inc.
not only strengthens PACEL's client base but also our management
team. The acquisition of World Wide Personnel Services of Maine,
Inc. is one more example of how PACEL Corp. is dedicated to
increasing its revenue and market presence in the growing Human
Resource Outsourcing marketplace," stated Gary Musselman, President
and CEO of PACEL Corp. PEO companies are growing at a rate of
greater than 20% and most experts predict this rate of growth can
be sustained for 5-10 years as PEO's respond to the growing need
for their services. The Small Business Administration estimates
there are nearly 6 million businesses with fewer than 100
employees. These small to mid-sized businesses employ over 52
million employees with an aggregate payroll of over $1.1 trillion.
It is estimated the PEO industry currently has between 2-3 million
worksite employees with annual payrolls greater than $18 billion.
With just 2% of the market, the growth in PEO services is
unlimited. With an average annual growth rate of 20%, more and more
business owners are turning to the Professional Employer Industry
to provide them with the tools they need to increase productivity
and profits. Cautionary Statement for the Purpose of Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995:
Forward-looking statements in this news release are made under the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Certain important factors could cause results to
differ materially from those anticipated by forward-looking
statements, including the impact of competition, the success of
existing and new product releases, the management of our growth,
and other factors discussed from time to time in reports filed by
the company with the Securities and Exchange Commission.
DATASOURCE: PACEL Corp. CONTACT: Gary Musselman of PACEL Corp.,
+1-704-643-0676
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