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EXHIBIT 99.1
ALTERNATIVE RESOURCES CORPORATION CLOSES ON ITS SENIOR AND SUBORDINATED CREDIT
FACILITIES, REDEEMS SHAREHOLDERS RIGHTS PLAN
BARRINGTON, Ill., Jan. 31 /PRNewswire-FirstCall/ -- Alternative Resources
Corporation (ARC) (OTC Bulletin Board: ALRC - NEWS) a leading provider of
information technology services, today announced that it has closed on its long
term financing arrangements which includes both senior and subordinated
agreements.
The Company has entered into a Senior Secured Revolving Credit facility with
Fleet Capital Corporation, which will provide for up to $30 million of revolving
credit based on the Company's available collateral base. The credit facility has
a three year term and bears interest at LIBOR plus 3.25% or the banks' base rate
plus 1.00%. The initial proceeds of this facility and the subordinated debt
issuance discussed below will be utilized to repay the Company's existing credit
facility. The Company expects to have sufficient excess availability to meet its
cash requirements and to grow the business.
The Company has also entered into a Securities Purchase Agreement with
Wynnchurch Capital Partners, a private equity company, pursuant to which the
Company sold to Wynnchurch $10 million of 15% Senior Subordinated Convertible
Notes due January 31, 2009. These notes are convertible into common stock of the
Company at a conversion price of $2.50 per share. At the Company's election, one
half of the interest may be deferred during the first four years subject to
certain conditions. In conjunction with the sale of these notes, the Company
issued 10,000,000 warrants to purchase shares of the Company's common stock at
$.55 and an additional 1,000,000 warrants to purchase its common stock at $.73,
the latter of which are not exercisable for one year and expire on the
occurrence of certain events. Wynnchurch Capital Partners is entitled to have
two designees appointed to the Company's seven person board, with a right, upon
request, to have the board increased by two, and appoint two additional
directors.
Mr. Raymond R. Hipp, Chairman and Chief Executive Officer commented, "I am
extremely pleased to have closed on these new financing arrangements. We have
partnered with two outstanding companies that will be able to provide access to
substantial financial resources. Fleet Capital Corporation, a member of the
FleetBoston Financial group of companies, is one of the largest financial
institutions in the United States and with its breadth of financial services
will provide us with many financing options as the Company executes its growth
strategy." "We have been working with Wynnchurch for over a year and believe
that they will make an excellent partner," noted Mr. Hipp. "Wynnchurch
understands our business and our industry and is committed to working with the
Company to grow its business and use the infrastructure, systems and processes
we have built. I am also very enthusiastic about getting the company refinanced
so that all of our energies can be focused on building and growing ARC. I
believe our Company and the industry have seen their darkest days and that going
forward, there is reason to be optimistic."
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Mr. John A. Hatherly, Managing Partner of Wynnchurch Capital stated, "ARC
represents a unique investment opportunity based on its highly scalable business
model and its leading quality position. ARC has managed through a difficult
environment in which the staffing industry has seen significant declines. During
this period ARC has reorganized its business model and significantly improved
its operating efficiencies. As a result, we believe ARC is well positioned to
benefit from the continued outsourcing trend in corporate America." In
conjunction with the Wynnchurch transaction, the Company announced that its
Board of Directors had redeemed all of the rights issued under its stockholder
rights plan, effective immediately. Each share of the Company's common stock
carries with it one right to purchase a fraction of a share of the Company's
preferred stock in certain circumstances described in the stockholder rights
plan. The rights are currently attached to, and cannot be separated from, shares
of the Company's common stock.
Stockholders of record at the close of business today, January 31, 2002 will
receive a redemption payment of $.01 per right. The redemption payment will be
mailed to stockholders on or about February 9, 2002.
The Company is advised that the redemption payment is likely to be treated as a
dividend for federal income tax purposes. However, holders of the rights should
consult their own tax advisors as to the appropriate tax treatment under
federal, state and local laws.
About Fleet Capital
Fleet Capital Corporation, with more than 20 offices located throughout the
United States and approximately $16 billion in committed lines of credit,
provides secured financing and other financial services to domestic middle-
market companies and their foreign subsidiaries. Fleet Capital is a subsidiary
of FleetBoston Financial Corporation, the nation's seventh largest diversified
financial holding company with more than $200 billion in assets. FleetBoston
Financial offers a comprehensive array of innovative financial solutions to 20
million customers in some 20 countries. FleetBoston Financial is headquartered
in Boston and listed on the New York Stock Exchange (NYSE: FBF - NEWS) and the
Boston Stock Exchange (BSE: FBF - NEWS). For more information about Fleet
Capital, visit its Web site at www.fleetcaptial.com.
About Wynnchurch
Wynnchurch Capital is a privately owned investment management firm managing a
variety of private equity funds with capital under management in excess of $200
million. Wynnchurch specializes in management buyouts, recapitalizations,
restructurings, acquisitions and growth capital investments. Wynnchurch seeks to
partner with middle market companies in the Midwestern United States and Canada
that have outstanding management teams and the potential for substantial growth.
Wynnchurch is headquartered in Chicago, Illinois. For more information about
Wynnchurch Capital, visit its Web site at www.wynnchurch.com.
About ARC
ARC is a leading provider of information technology management and staffing
services. The company has developed a significant, high quality business in the
IT staffing industry with an emphasis on Help Desk, Desktop Support and
Technology Deployment Service offerings. The company also has a consulting
practice that supports those service offerings. The company
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operates through 41 field offices and with approximately 80 personnel in field
sales, supported by 55 recruiters and its unique organization of over 50 client
support managers. The company serves Fortune 1000 and mid-sized clients
throughout the US and Canada.
Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking statements that
involve a number of risks and uncertainties that could cause actual future
results to differ materially from those anticipated in the forward looking
statements, including, but not limited to attract and retain qualified
technology professionals, to initiate and develop client relationships, to
identify and respond to trends in information technology, to gain market
acceptance of service offerings, to complete cost reductions and competitive
influences as well as other risks described from time to time in the company's
filings with the Securities and Exchange Commission. Although the company has
used its best efforts to be accurate in making those forward-looking statements,
there can be no assurance that the assumptions made by management will
materialize. In addition, the information set forth in the company's Form 10-K
for the fiscal year ended December 31, 2000, describes certain additional risks
and uncertainties that could cause actual results to vary materially from the
future results covered in such forward-looking statements. The company
undertakes no obligation to publicly revise or update the forward looking
statements to reflect new information, subsequent events or otherwise. The above
statements are based exclusively on current expectations and do not include the
potential impact of any business combinations or divestitures that may be
completed after the date of this release.