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TeamStaff selling healthcare division

December 29, 2009
Staffing Industry Analysts North American Daily News

TeamStaff Inc. (NASD: TSTF) is selling its TeamStaff Rx travel nurse and allied healthcare staffing division to Advantage RN LLC.

The all-cash deal is expected to close around Jan. 4, according to TeamStaff. The effective transfer date for the employees was Dec. 28. Other terms were not released.

"The divestiture of TeamStaff Rx will allow the company to focus on its core business, TeamStaff Government Solutions, which provides human capital solutions to government agencies," TeamStaff President and CEO Rick Filippelli said in a press release.

Advantage RN is a Cincinnati-based healthcare staffing firm. It ranked No. 16 on Staffing Industry Analysts' list of fastest-growing U.S. staffing firms.

"We believe our acquisition of TeamStaff Rx, which includes a strong presence in the allied segment of healthcare staffing, will provide synergy with our travel nurse and locum tenens divisions to support our vision of providing our hospital clients with a  complete solution to their supplemental staffing needs," Advantage RN President and CEO Matt Price said in a press release.
 
Somerset NJ-based TeamStaff has recently made several other announcements. In November, the company said Filippelli will step down as CEO at the end of January. In addition, the company announced last week that it received a delisting notice from Nasdaq because its stock had not maintained a minimum bid price of $1 a share over a 30-day period. TeamStaff has 180 days to get its stock price over $1.

TeamStaff also reported on Dec. 18 that it was awarded a five-year contract valued at up to $3.3 million to provide healthcare staffing to a military retirement facility in the Northeast.