EX-99.2 4 y82926exv99w2.txt PRESS RELEASE EXHIBIT 99.2 [TEAMSTAFF LOGO] CONTACT INFORMATION: TEAMSTAFF, INC. COFFIN, MOTTOLA COMMUNICATIONS 300 Atrium Drive 19800 Mac Arthur Blvd. #970 Somerset, NJ 08873 Irvine, CA 92612 (732) 748-1700 (949) 851-1109 DONALD W. KAPPAUF, PRESIDENT & CEO CHRISTI MOTTOLA MANAGING PARTNER cmottola@aol.com TEAMSTAFF NASDAQ HEARING SCHEDULED FOR FEBRUARY 14; DELISTING STAYED UNTIL THEN Friday January 24, 8:31 am ET SOMERSET, N.J., Jan. 24 /PRNewswire-FirstCall/ -- TeamStaff, Inc. (Nasdaq: TSTFE - News), one of the nation's top Business Outsourcers and Professional Employer Organizations (PEOs), today announced that a hearing has been scheduled for February 14, 2002 by the Nasdaq Stock Market, Inc. to determine whether TeamStaff's common stock should continue to be listed on the Nasdaq National Market. As TeamStaff previously announced, the filing of its annual report on Form 10-K was delayed due to the need to restate its 2001 fiscal year, and the determination by its audit committee to engage new auditors to conduct both the reaudit of the 2001 fiscal year and the audit of the 2002 fiscal year. As announced on January 17, 2003, TeamStaff's new accountants have determined that the adjustment to the 2001 net income will be significantly less than originally reported and that they will need to audit only the adjustment. The Company has been granted a hearing before a Nasdaq panel to be held on February 14, 2003 and any potential action on the listing of its stock will be postponed until a decision of the panel has been reached. The Company anticipates that the Nasdaq panel will reach a decision shortly after the hearing. About TeamStaff Headquartered in Somerset, NJ, TeamStaff serves over 3,700 clients and over 50,000 employees throughout the United States as a full service provider of employer outsourcing and staffing solutions. Through its Professional Employer Organization, TeamStaff provides small and medium sized businesses throughout the nation with a better way to employ their people by delivering off-site, full-service human resource outsourcing solutions. TeamStaff's comprehensive employer services include employment administration, benefits management, government compliance, recruiting and selection, employer liability management, training and development and performance management tools. TeamStaff's PEO ranks as one of the top 10 PEOs in the nation. In addition to its Professional Employer Organization, TeamStaff operates two other employer-outsourcing services. Through TeamStaff Rx, TeamStaff provides temporary and permanent medical staffing services throughout the country and is the largest provider of medical imaging personnel in its field. TeamStaff also operates DSI, its niche payroll service bureau offering payroll services and payroll tax processing to over 750 clients and 33,000 employees, mostly in the construction industries in New York and New Jersey. For more information, visit the TeamStaff web site at www.teamstaff.com. The statements contained in this press release that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. Therefore, the actual results of future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among those factors that could cause actual results to differ materially are: (i) regulatory and tax developments; (ii) changes in direct costs and operating expenses; (iii) the estimated costs and effectiveness of capital projects and investments in technology infrastructure; (iv) ability to effectively implement its e-business strategy; (v) the effectiveness of sales and marketing efforts, including the company's marketing arrangements with other companies: and (vi) changes in the competitive environment in the PEO industry. These factors are described in further detail in TeamStaff's filings with the Securities and Exchange Commission. For further information please contact Donald W. Kappauf, President & CEO of TeamStaff, Inc., +1-732-748-1700; or Christi Mottola, Managing Partner of Coffin, Mottola Communications, +1-949-851-1109, cmottola@aol.com, for TeamStaff, Inc