Exhibit 99.1
| | | | |
| For Immediate Release | | Contact: | | David F. Kirby |
| | | | Hudson Highland Group |
| | | | 212-351-7216 |
| | | | david.kirby@hhgroup.com |
Hudson Highland Group Extends Wells Fargo Foothill Credit Facility
NEW YORK, NY – August 1, 2007 –Hudson Highland Group, Inc. (Nasdaq: HHGP) today announced that on July 31, 2007 it entered into an amended and restated senior secured credit facility with Wells Fargo Foothill with the ability to borrow up to $75 million. The company may increase the maximum limit of the credit facility up to an additional $50 million, under certain terms and conditions. In addition to the increased borrowing capacity, the amended facility provides the company with greater operating flexibility for acquisitions and divestitures, among other changes. The company expects these changes will ultimately result in lower bank fees and reduced borrowing costs. The maturity date of the credit facility is July 31, 2012.
About Hudson Highland Group
Hudson Highland Group, Inc. is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. From single placements to total outsourced solutions, Hudson helps clients achieve greater organizational performance by assessing, recruiting, developing and engaging the best and brightest people for their businesses. The company employs more than 3,600 professionals serving clients and candidates in more than 20 countries. More information is available atwww.hhgroup.com.
Safe Harbor Statement
This press release contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including those under the caption “Guidance” and other statements regarding the company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors include, but are not limited to, the company’s history of negative cash flows and operating losses may continue; the ability of clients to terminate their relationship with the company at any time; the impact of global economic fluctuations on temporary contracting operations; risks and financial impact associated with acquisitions and dispositions of non-strategic assets; the company’s reliance on information systems and technology; competition; fluctuations in operating results; risks relating to foreign operations, including foreign currency fluctuations; dependence on highly skilled professionals and key management personnel; restrictions imposed by blocking arrangements; exposure to employment-related claims and limits on insurance coverage related thereto; government regulations; and restrictions on the company’s operating flexibility due to the terms of its credit facility. Additional information concerning these and other factors is contained in the company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. The company assumes no obligation, and expressly disclaims any obligation, to review or confirm analysts’ expectations or estimates or to update any forward-looking statements, whether as a result of new information, future events or otherwise.
