Exhibit 99.1
Diversified Corporate Resources, Inc. Announces Preferred Shareholder Action
DALLAS, December 29th /PRNewswire-FirstCall/ -- Diversified Corporate Resources, Inc. (NASDAQ, OTC Bulletin Board: HIRD.OB - the "Company"). The Company has received notice that HIR Preferred Partners, L.P., a holder of preferred stock of the Company, filed suit against the Company, J. Michael Moore, the Company's CEO, certain creditors of the Company, and an employee of the Company, in the County Court at Law of Dallas County, Texas. The petition by HIR Preferred contains allegations, including but not limited to, certain violations of Texas Business and Commerce Code and common law. HIR Preferred is demanding repayment of its $550,000 investment, unpaid dividends accrued since February 2004, attorney fees, interest, and other costs and damages. The Company believes that the claims asserted by HIR Preferred are without merit and intends to vigorously defend itself in this case.
Diversified Corporate Resources, Inc. is a national employment services and consulting firm, servicing Fortune 500 and larger regional companies with permanent recruiting and staff augmentation in the fields of Engineering, Information Technology, Healthcare, BioMed and Finance and Accounting. The Company currently operates a nationwide network of seven regional offices.
Statements in this Press Release that are not historical facts, including, but not limited to, projections or expectations of future financial or economic performance of the Company, and statements of our plans and objectives for future operations are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and involve a number of risks and uncertainties. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such "forward-looking" statements. Important factors (the "Cautionary Disclosures") that could result in such differences include: general economic conditions in our markets, including inflation, recession, interest rates and other economic factors; the availability of qualified personnel; our ability to successfully integrate acquisitions or joint ventures with our operations (inc luding the ability to successfully integrate businesses that may be diverse as to their type, geographic area or customer base); the level of competition experienced by us; our ability to implement our business strategies and to manage our growth; the level of development revenues and expenses; the level of litigation expenses, and other factors that affect businesses generally. Subsequent written and oral "forward-looking" statements attributable to us, or persons acting on our behalf, are expressly qualified by the Cautionary Disclosures.
CONTACT: PR Financial Marketing LLC, Houston
Jim Blackman, 713-256-0369
jimblackman@prfinancialmarketing.com
SOURCE: Diversified Corporate Resources
