TeamStaff Inc Announces Settlement of its $1.8M Indemnification Claim

Article News Tim Spagnola July 28, 2011

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TeamStaff Inc Announces Settlement of its $1.8M Indemnification Claim »

TeamStaff Inc (NASDAQ: TSTF) announced today that it has reached an agreement with the former principals of RS Staffing to settle TeamStaff’s $1,800,000 indemnification claim arising out of the purchase of RS Staffing in June 2005 including the legal costs related to a government inquiry. The settlement will allow TeamStaff to improve its balance sheet by eliminating over $1,700,000 in liabilities for $200,000 in cash and 300,000 restricted shares of common stock, based on the closing price of TeamStaff common stock on Friday, July 22nd, 2011.

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By Tim Spagnola

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