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General Employment shareholders OK deal

June 23, 2009

General Employment Enterprises Inc. (AMEX: JOB) shareholders approved on Monday the sale of a majority stake in the firm to PSQ LLC.

The Oakbrook Terrace IL-based company will issue 7.7 million new shares of stock to PSQ at 25 cents per share for a total of approximately $1.9 million.

PSQ is also buying 2.5 shares of stock from existing shareholders for 60 cents per share for a maximum amount of $1.5 million.

Plans call for President and CEO Herbert Imhoff Jr. to step down with Ron Heineman to serve as president and CEO and Stephen Pence to serve as chairman.