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Atlas shareholders terminate merger with Select

February 12, 2010

Atlas Acquisition Holdings Corp. announced today the termination of its proposed merger with Koosharem LLC that does business as Select Staffing.

Privately held Select Staffing had revealed its plans to become a public company in December. The 11th-largest U.S. staffing firm was to merge with Atlas Acquisition Holding Corp. (AMEX: AXG) in a deal that would have enabled the combined company to list on the New York Stock Exchange. The deal was dependent on the approval of Atlas shareholders.

At a special meeting today, holders of more than 30% of Atlas' stock issued in Atlas' January 2008 initial public offering voted against the merger and sought conversion. As a result, the merger cannot be completed and Atlas will be liquidated. 
"We are extremely appreciative of the efforts of Steve Sorensen, Select Staffing's chief executive officer, as well as Atlas' advisors, in working so hard on the proposed merger," said Gaurav Burman, president of Atlas. "Select Staffing is a great company and I look forward to watching its continued growth."

As a result of the termination, Atlas will be liquidated. Atlas will pay or make reasonable provisions for all existing claims and obligations, However, the company cannot make any assurance as to when liquidating distributions will be made, the company said in a press release.