CLEVELAND, Oct. 8, 2010 (GLOBE NEWSWIRE) -- SearchPath HCS Inc. (Pink Sheets:SRCP), a leading Human Capital Solutions provider, today announced the execution of a Share Exchange Agreement, "Agreement", with Thomas K. Johnston, the Company's Chief Executive Officer, effective October 8, 2010.
The terms of the Agreement state that the Company will purchase and accept from Mr. Johnston all right, title and interest in and to 200,000,000 shares of SearchPath HCS's Common Stock in exchange for 40,000 shares of its Series A Preferred Stock, which the Company has recently authorized. This purchase of SearchPath HCS's Common shares and their subsequent conversion to Preferred shares will leave the company with a total of 1,711,145,919 shares outstanding.
"In the coming quarters and year, we plan to continue expanding our SPI franchise platform as well as our core business by forming new strategic alliances and exploring potential acquisitions. This Share Exchange Agreement was executed in order to increase SearchPath's flexibility to raise capital that will finance this projected growth while also continuing our commitment to establish long-term shareholder value," stated Tom Johnston, SearchPath HCS's CEO.
About Search Path HCS, Inc.
SearchPath HCS, Inc. is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) . SPI is a U.S.-based talent acquisition professional services firm, with 65 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' ``anticipates,'' ``plans,'' ``projects,'' ``forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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